Drops in Sales Price Result in More
Closings, Less Inventory
According to August data in the RE/MAX National Housing Report, home sellers, on average, accepted offers below their listing prices last month – a further indication of rebalancing in the housing market. Across the report’s 51 metro areas, the average Close-to-List Price Ratio in August was 99%, meaning that homes sold for 1% less than the asking price. That’s down from 101% in July and 104% in April. This change helped push August sales 5.3% higher than July, while the Median Sales Price declined 2.4% to $410,000 after peaking at $426,000 three months earlier.
At the same time, new listings dropped 12.8% from July and inventory declined 1.8% after four months of double-digit growth. Even so, the number of homes for sale was 20% higher than in August 2021.
Two-thirds of the way through 2022, home sales have declined every month compared to 2021. Other notable metrics include:
• Months Supply of Inventory was 1.6 months in August, a decline from 1.7 in July but an increase compared to 1.2 in August 2021.
• Days on Market averaged 28, four days higher than July and three days more than August 2021.
• August’s Median Sales Price of $410,000 was 2.4% below July but was up 7% year over year.
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