Lower sales prices. That’s what drove more closings in August, according to the August Re/Max National Housing Report

The housing market continues rebalancing. More sellers accepted offers below their listing prices last month. Across the 51 metro areas covered, 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. 

As a result, August sales were 5.3% higher than July. The median sales price declined 2.4% to $410,000 after hitting $426,000 three months earlier. 

New listings continued to take a hit, down 12.8% from July. Inventory declined 1.8% after four months of double-digit growth, but the number of homes for sale was 20% higher than in August 2021, according to the report. 

Homes lasted an average of 28 days on market, four days higher than July and three days more than August 2021. The number of newly listed homes was down 12.8% compared to July 2022 and down 13.1% compared to August 2021. 

The markets with the biggest decrease in year-over-year new listings percentage were: 

  • Dover, Del. at -59.4%
  • Milwaukee, Wis. at -33.6%, and 
  • St. Louis, Mo. at -27.1%.

The markets with increases in new listings were: 

  • Washington, DC at +13.2%
  • Raleigh, NC at +10.7% and 
  • New Orleans, LA at +8.4%.
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