What's Happening In The Market?
Please note: this SFAR data is for September 2021
Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
New Listings were down 14.6 percent for single family homes and 29.3 percent for Condo/TIC/Coop properties. Pending Sales increased 14.2 percent for single family homes and 8.8 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 6.1 percent to $1,750,000 for single family homes and 3.8 percent to $1,220,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 58.3 percent for single family units and 64.2 percent for Condo/TIC/Coop units.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.