Summer came to a close this month and we have officially moved into the fall of 2021. Where the year has gone, no one knows! But we do know the housing market and we have your August Housing Market Report.
The real estate market has been moving at a pace that makes it barely possible for experienced professionals to navigate. It has been challenging for both homebuyers and sellers, and agents have been tangled in various activities to keep all of the transactions afloat.
According to the housing report going through the August statistics,
2021’s busiest months for buying and selling homes are likely behind us, as August sales dropped 3.5% and prices dipped. However, the monthly sales were still high year-to-year, signaling a still-hot market. The month-over-month decline of 1.2% in August’s Median Sales Price compares with the 2015-2019 average July-to-August drop of 1.0%. Year over year, the Median Sales Price is up 13.2%. The price up is also a function of the inflation occurring at the federal level. This being at play will have all real estate and finance professionals watching to see what to anticipate.
The 6.2% July-to-August drop in active inventory was nearly double the 2015-2019 average decline of 3.3% for the same period. Inventory is down 26.7% year-over-year. By having a low supply, the sales prices of homes will continue to be inflated and highly competitive. Those cash buyers are most certainly the best in this market for sellers!
Home sales dropped 3.5% from July, compared to the 2015-2019 average decline of 2.1%. However, August home sales were one of the most significant totals of any month in the 13-year history of the report and the second-largest for the month and year over year; sales were up 0.6%. This is attributed to a few factors, the higher sales prices of homes and increases in the number of properties on the market for transactions during August increased. Likely, sellers saw the opportunities to get an excellent value for their homes.
We will likely continue to see rapid sales and an overall lack of inventory for the foreseeable future. You can read the full report here.
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