Here’s what you need to know about the current real estate market.
We are certainly still in a very strong seller’s market. However, we’re starting to see some subtle signs of a leveling.
For the first time since the pandemic-fueled housing boom began, there were fewer homes sold in August vs. the same period last year. According to a new report from Redfin, home sales dropped 1.4% from July to August. This decline in home sales coincides with narrowing, but still high, prices.
The median home price nationwide declined to approximately $380,000. The number of homes that sold above listing price was down to 52%. This is still an abnormally high figure. Also in August, the average home sold for 1.6% above list price, which was down from 2.5% in June.
If you have any questions about these statistics or what’s going on in your specific area, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
