The overall average number of home sales in August was 2.8 percent above July’s level but 0.84 percent below the levels set in August 2016, according to new data from RE/MAX. Twenty-four of the 54 metro areas surveyed by RE/MAX experienced an increase in sales year-over-year.
The national median sales price in August was $236,475, down 1.3 percent from July up 5.4 percent from August 2016. Nine metro areas saw double-digit year-over-year increases, while three saw a year-over-year decrease: Anchorage (down 1.5 percent), Augusta, Maine (down 1.4 percent) and Hartford, Conn. (down 1.4 percent).
The national inventory level shrank by 3.9 percent from July and dropped 13.7 percent from one year earlier. The months’ supply of inventory in August was 3.1 percent, and the average days on the market was 47.
“Overall, we’re still seeing home prices rise year-over-year at just above historical averages—even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”