August 2023 Real Estate Market Analysis: New Listings Break the Mold, Defying Seasonal Norms

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According to a recent analysis by RE/MAX, the national real estate market has shown some interesting trends in August 2023. New listings rose by 1.8% sequentially, defying the typical July-to-August trend of decline. In contrast, last year witnessed a 12.8% drop in new listings during the same period.

Home sales have also seen a rise, with a 7.4% increase over July, while the Median Sales Price remained steady at $425,000 across the 50 metro areas surveyed.

However, when compared to last year, new listings were down 13.2%, and home sales dropped 13.1%. Despite this, the Median Sales Price saw a 3.7% increase.

The number of homes for sale increased by 2.7% in August, marking the fifth consecutive month of inventory build-up. Yet, when compared to August 2022, inventory was 13.2% lower.

“Buyers should be pleased to see the slow but ongoing ramp-up in available listings, regardless of comparisons to a year ago,” says Nick Bailey, RE/MAX President and CEO.

Todd Luong, a RE/MAX agent in Dallas-Fort Worth, Texas, notes that even slight inventory increases can affect sales prices. “Inventory increased slightly in August in the Dallas-Fort Worth market and home prices are starting to catch their breath.”

Other metrics worth noting include:

  • Homes sold for an average of 99% of the listing price in August, down from 100% in both July and August 2022.
  • The months’ supply of inventory in August was 1.7, the same as July 2023 and August 2022.
  • Homes sold in August were on the market for an average of 34 days, 3 days longer than in July and 5 days longer than August of last year.
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In summary, while the national real estate market has seen some drop in new listings and home sales compared to last year, there have been positive signs with a steady Median Sales Price, an increase in homes for sale, and new listings bucking the seasonal trend of decline.

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