Home Sales and New Listings
Both Increase as Summer Winds Down

New listings rose 1.8% sequentially in August, bucking the typical July-to-August seasonal trend of decline. Last year, new listings declined 12.8% in August, the second month in a streak of six month-to-month declines that ended in January.

Home sales rose 7.4% over July and the Median Sales Price of $425,000 was unchanged across the 50 metro areas surveyed.

Meanwhile, year-over-year new listings were down 13.2% while home sales dropped 13.1%. The Median Sales Price, on the other hand, was up 3.7%.

The number of homes for sale increased 2.7% in August, the fifth straight month of inventory buildup. Compared to August 2022, however, inventory was 13.2% lower.

Read the full article…

Watch the 32 second summary video…