August's regional numbers are here and on average, prices continued to decline, but once again at a slower pace than earlier in the year. There are signs that buyer activity may be starting to pick up again as we enter fall. The median number of days that homes were on the market increased month over month again from 18 to 22 days. Meanwhile, Months of Inventory actually dropped for the first time this year after peaking in July. This can be attributed to a slow in new listings and an increase in total number of homes sold month over month in August.
It's important to note that these numbers give us a picture of the overall market, however, it is much more nuanced than the story the numbers tell. Location, type of home, and pricepoint greatly impact what to expect on both the buying and selling side so if you are considering a move, let's chat