Median sales prices fell for the second consecutive month in the latest housing report published by RE/MAX LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX)
In the 49 metro areas surveyed by RE/MAX during August, the median sales price was $440,000, 1.1% below July’s level but also 3.5% higher than the $425,000 median recorded in August 2023. Overall, the median sales price has remained higher year over year for 14 consecutive months since June 2023.
The markets with the biggest year-over-year increase in median sales price were Burlington, Vermont (+14.1%), Tulsa (+10.3%), and Seattle (+8.5%).
Home sales were also down – a 3.3% from July and a 3.8% year-over-year drop. This occurred despite having more homes on the market – housing inventory grew for the sixth consecutive month, up 2.4% from the previous month and up 37.6% from one year earlier. The markets with the biggest year-over-year increase in new listings percentage were Phoenix (+25.0%), San Diego (+24.4%), and Dover, Delaware (+22.8%).
“While we saw a slight dip in sales month-over-month, the market continues to show resilience with some year-over-year price growth,” said Amy Lessinger, president of RE/MAX, LLC. “The rise in new listings signals that more homeowners are recognizing the value of listing in today’s environment. Buyers and sellers alike can find opportunity, especially with a steady flow of homes entering the market.”
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