Press release
Realtor.com® August Housing Report: Annual Inventory Growth Continues as For-Sale Inventory Hits Highest Levels Since May 2020
Metros that saw the most inventory growth: Tampa (+90.1%), San Diego (+80.4%), and Orlando (+76.9%)The median price of homes for sale in August was $429,990
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[{"type":"text","content":"Metros that saw the most inventory growth: Tampa (+90.1%), San Diego (+80.4%), and Orlando (+76.9%)The median price of homes for sale in August was $429,990 decreasing 1.3% year over year Homes spent 53 days on the market making August 2024 the slowest August in five yearsSANTA CLARA, Calif., Sept. 5, 2024 /PRNewswire/ -- Home shoppers are looking at more options to choose from this fall as the number of homes for sale sits at the highest level since May 2020 and rates are poised to start coming down. The number of homes actively for sale grew by 35.8% in August, the 10th straight month of growth, according to the Realtor.com® August Housing Trends Report. At the same time, home sellers pulled back, with -0.9% fewer newly listed homes on the market compared with last year.\n\n\"In April we noted that rising for-sale inventory was likely to lead to more balance between buyers and sellers. This August, as the number of homes on the market continues to climb, price cuts are more common, asking prices are moderating, and homes are taking longer to sell. The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines,\" said Danielle Hale, Chief Economist at Realtor.com®. \"As the market slows seasonally, fall is one of the best times to buy a house. Falling mortgage rates are likely to bring out additional home shoppers and a busier fall season than usual, but the boost in activity is unlikely to overwhelm the usual seasonal slowdown. Shoppers, who are out this fall, are likely to face lower competition than is expected in spring 2025 as more shoppers anticipate better mortgage rates.\"\nThe median price of homes for sale this August decreased by 1.3% compared with last year, at $429,990, however, the median price per square foot grew by 2.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share. Homes spent 53 days on the market, the slowest August in five years.\nAugust 2024 Housing Metrics – National\nMetric\nChange over Aug 2023\nChange over Aug 2019\nMedian List Price Per Sq.Ft.\n+2.3 %\n+51.0 %\nMedian listing price\n-1.3% (to $429,990)\n+36.2 %\nActive listings\n+35.8 %\n-26.4 %\nNew listings\n-0.9 %\n-20.0 %\nMedian days on market\n+7 days (to 53 days)\n -6 days\nShare of active listings wit...