Overall, U.S. housing inventory improved during the week ending Aug. 21, despite back-to-school season, which slowed down new listings as homeowners pivoted to getting their kids settled in, according to realtor.com®’s Weekly Housing Trends Report.
Key findings:
– Median Listing Prices: Increased 8.6% YoY—posting four consecutive weeks of single-digit growth and keeping the U.S. median listing price near July’s record-high of $385,000.
– New Listings: Slight increase of 2% YoY—the 19th of the past 22 weeks where more new sellers have entered the market; however, it is still a lower rate than in the previous six weeks.
– Total Active Inventory: Homes for sale on realtor.com® without a contract decreased 25% from last year—posting 20 consecutive weeks of YoY declines.
– Days on Market: Down 17 days YoY, moving to a more normal seasonal pace than this time last year.
The takeaway:
“Fewer sellers entered the market last week than in the previous six weeks, likely due to families gearing up for the school year. However, we expect this to be a temporary dip and anticipate buyers will have more options of homes for sale and face slightly less competition from families heading into the fall,” said realtor.com® Chief Economist Danielle Hale. “Over the last few months, we’ve started to see sellers list more entry-level homes at lower price points and if home prices follow their usual seasonal moderation, it could mean more affordable opportunities to buy this year. This is especially good news for first-time homebuyers looking to escape skyrocketing rents.”
