August Market Report
U.S. existing-home sales edged down 1.7% from the previous month to a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). Regionally, sales increased in the Northeast, held steady in the West, and declined in the Midwest and South. On a year-over-year basis, sales rose in the Midwest and West while remaining flat in the Northeast and South.
New Listings increased 5.1 percent to 13,640. Pending Sales decreased 4.0 percent to 9,837. Inventory increased 8.0 percent to 34,037.
Median Sales Price increased 5.8 percent from $450,000 to $476,000. Days on Market increased 5.0 percent to 42. Months Supply of Inventory
increased 5.6 percent to 3.8.
Nationally, the median existing-home sales price climbed to $431,400, as inventory remained at a 4.6-month supply at the current sales pace, NAR reported. Year-to-date sales are up 2.4%, reflecting stable demand even amid elevated mortgage rates. Homes are sitting on the market longer and fewer buyers are bidding above asking price compared to a year earlier, though local market conditions vary widely.
Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for August download the link below.
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