Seasonally adjusted new listings of homes for sale were down 6% in August from a year earlier, according to a new report from Redfin. This is the first decline we’ve seen since February, the company said.
Despite the dip, the national median home-sale price rose 16% year-over-year to $380,271 in August, marking the 13th consecutive month of double-digit price gains but the lowest growth rate since February.
Measures of housing market competition based on completed home sales eased further in August from the records set in June. The typical home that sold in August went under contract in 16 days — about half as much time as a year earlier, when homes sold in a median 31 days, but up one day from the record low in June.
In August, 52% of homes sold above list price, down 4 percentage points from the record high in June but up 20 percentage points from a year earlier. The average sale-to-list price ratio also dipped slightly in July to 101.6%, down from a record high of 102.5% in June but up from 99.2% a year earlier.
“When it comes to home prices in this market, what goes up stays up,” said Daryl Fairweather, Redfin’s chief economist. “That’s especially true in the Sun Belt; home prices are up more than 20% from last year in Austin and Phoenix. Even with these steep increases, homes in these areas are still relatively affordable, so these and other hot migration destinations are going to continue to attract homebuyers from the coasts. As workers change jobs en masse and enhanced unemployment benefits come to an end, we could see even more households relocate for affordability in the coming months.”
Seasonally adjusted active listings — the count of all homes that were for sale at any time during the month — fell 19% year over year, the smallest decline since April. Only four of the 85 largest metros tracked by Redfin posted a year-over-year increase in the number of seasonally adjusted active listings of homes for sale.