Existing-Home Sales Snapshot: August 2024

August brought significant changes to the existing-home sales market. Here’s a summary of the key data for you to stay up-to-date:

Key Market Highlights:

• Sales: 3.86 million homes were sold (seasonally adjusted annual rate). This represents a 2.5% decrease month-over-month (MoM) and a 4.2% decline year-over-year (YoY).
• Median Sales Price: The median sales price for homes in August was $416,700, marking a 3.1% increase YoY, reflecting a continued growth in home values across the nation.
• Inventory Levels: The market currently has 4.2 months of inventory available. This is a significant increase from the 3.3 months reported in August 2023, indicating more homes available for buyers.

What This Means for You

• Buyers: With more homes on the market, now is a great time to explore opportunities. Increased inventory means more options to find your dream home, and competitive pricing remains steady.
• Sellers: Even with a slight decrease in sales, the rising home prices indicate that you can still secure strong offers for your property. August saw continued appreciation in home values, which can benefit sellers in the current market.
• Real Estate Agents: Understanding these trends helps you better guide clients. As inventory rises and sales volume dips, it’s important to strategize listings competitively and focus on value-driven selling.