DENVER, CO — The RE/MAX National Housing Report for August highlighted a modest rise in new listings, signaling a shift in the housing market. New listings increased by 1.6% over the previous month, rebounding from declines in June and July. Year-over-year, new listings grew by 7.9%, remaining above 2023 levels in seven out of eight months this year.
Despite an uptick in listings, home sales saw a decline of 3.3% compared to July, and 3.8% year-over-year, marking only the third month in 2024 to trail behind the previous year. The median sales price decreased for the second month in a row to $440,000, down 1.1% from July but still 3.5% higher than August 2023. Notably, the median price has consistently been higher year-over-year since June 2023.
Inventory levels continued their upward trend for the sixth consecutive month, increasing by 2.4% from July. This contributed to a substantial 37.6% rise in homes for sale compared to August 2023. According to Amy Lessinger, President of RE/MAX, LLC, “While we saw a slight dip in sales month-over-month, the market continues to show resilience with some year-over-year price growth. The rise in new listings signals that more homeowners are recognizing the value of listing in today’s environment.”
Phoenix, AZ, stood out with a significant 25.0% increase in new listings compared to August 2023. Christy Walker, Broker/Owner of RE/MAX Signature, noted that lower mortgage rates have spurred sellers who were previously hesitant due to rate concerns, making the market more favorable for buyers. “With an increase in homes to choose from, buyers have an advantage: negotiations,” she said, emphasizing the importance of negotiations in the current market.
Other critical metrics included buyers paying 99% of the asking price, consistent with both July 2024 and August 2023. The average days on market extended to 38 days, up by two days from July and five days from August 2023. Additionally, the months’ supply of inventory rose to 2.4, up from 2.2 in July and 1.7 in August 2023.
August saw notable regional differences. Burlington, VT, experienced a 19.0% increase in sales, while Dover, DE, faced a 24.1% decline. Median sales prices varied, with Burlington, VT, seeing a 14.1% increase and Coeur d’Alene, ID, experiencing a 4.5% decrease.
The report underscores the nuanced nature of the housing market, with new listings and inventory offering opportunities for both buyers and sellers. As trends continue to evolve, understanding these metrics is crucial for navigating the real estate landscape effectively.
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