August’s home sales were up 7.4% from July but were down 13.1% from August 2022, according to new data from RE/MAX (NASDAQ:RMAX).
Of the 50 metro areas surveyed by RE/MAX, only two markets recorded a year-over-year sales increase: Bozeman, Montana, at 12% and Dover, Delware, at 1.2%. The markets with the biggest decrease in year-over-year sales percentage were Anchorage, Alaska, at -25.2%, Cleveland at -23.7%, and Manchester, New Hampshire at -23.3%.
August recorded a 1.8% uptick from July in the number of newly listed homes, but that number was also down by 13.2% from the prior year. The number of homes for sale increased 2.7% in August, the fifth straight month of inventory buildup, although inventory was 13.2% lower from one year earlier.
The median of all 50 metro area sales prices was $425,000, flat compared to the previous month and up 3.7% year-over-year.
“Buyers should be pleased to see the slow but ongoing ramp-up in available listings, regardless of comparisons to a year ago,” says RE/MAX President and CEO Nick Bailey. “More listings mean more options, and that’s a plus for buyers who haven’t been able to find the right home yet – and for potential buyers who’ve been reluctant to start looking. With new listings emerging, sales ticking up and prices stabilizing, there were several things to like in the August results.”