Average price dropped on a month-over-month basis for the second month in a row, on the heels of a 5.2% drop from June-to-July, we saw a further 3.2% drop from July to August; that’s from $1,118,374 to $1,082,496. That’s seasonal volatility, for ya! Will we see the average home price top the $1,196,101 peak set in May? Time will tell! Last year, the average home price only increased by 0.7% from August to September, so we’ll need to see a much stronger fall than last year to trump the 2023 high from May. On a year-over-year basis, the average home price remains up a modest 0.8% over the $1,079,048 recorded in August of 2022.
Sales surprisingly increased on a month-over-month basis, albeit only from 5,250 in July to 5,294 in August, which is 0.8%, but sales typically decline from July to August so this was a very interesting data point! When you consider that new listings declined, it’s all the more surprising to see the increase in sales. Year-over-year, we saw those 5,294 sales in August slide in 5.2% lower than the 5,584 sales recorded in August of 2022. These were two very typical summer months. “Unspectacular,” if you will.
New listings dropped from July, which, as noted above, was surprising when you consider that sales increased. We saw 13,712 new listings in July and only 12,296 new listings in August, signifying a 10.3% decline. That’s a stark contrast to the year-over-year data which shows a larger figure, but in the black: a 16.2% increase from the 13,304 new listings recorded in August of 2022 to the 15,497 noted last month. If sales are keeping pace, we would need new listings to increase accordingly, or the sales-to-new-listings ratio tightens, and prices go up!
Active listings essentially remained flat, moving from 15,371 in July to 15,497 in August, which is a 0.8% increase. That’s the result of a decline in new listings and an increase in sales, albeit a modest increase in sales, but an increase nonetheless. The year-over-year data for active listings in August is almost identical to that of new listings, with a 16.5% uptick from the 15,304 active listings present by month’s end, August of 2022.
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