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.
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.