RE/MAX National Housing Report for August 2022
Thursday, September 22nd, 2022
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.
"Patient buyers were rewarded in August, as prices softened from July. Sales increased as buyers 'bought the dip' – which was not the trend many people were expecting. The activity modestly depleted inventory, although the number of homes for sale remains significantly higher than this time a year ago," said Nick Bailey, RE/MAX President and CEO. "The late-summer burst of activity underscores the housing market's resiliency. Despite the uptick in interest rates and concerns about the economy, demand remains strong. We'll see what happens from here, but the August bump in sales was great news for the industry."
Added RE/MAX Executive Realty real estate agent Gina Mayes Harris, who is based in Charlotte, NC, "The Charlotte market is showing strength for both buyers and sellers with homes now selling at market value. Buyers are no longer bidding against each other to extremes, and while sellers are not seeing the same level of price appreciation gains as they have in the past year or two, we expect continued low single-digit appreciation in the coming months and year. All signs point to a more balanced market providing plenty of opportunities for buyers and sellers."