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 decreased 23.3 percent for Single Family homes and 27.6 percent for

Townhouse/Condo homes. Pending Sales increased 23.6 percent for Single Family homes

and 23.8 percent for Townhouse/Condo homes. Inventory decreased 51.0 percent for Single

Family homes and 52.1 percent for Townhouse/Condo homes.

Median Sales Price increased 18.0 percent to $360,000 for Single Family homes but

decreased 0.4 percent to $236,000 for Townhouse/Condo homes. Days on Market

decreased 39.4 percent for Single Family homes and 36.4 percent for Townhouse/Condo

homes. Months Supply of Inventory decreased 59.4 percent for Single Family homes and

63.2 percent for Townhouse/Condo homes.

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.