Advantage Shifting Slightly to Home Buyers
“We are now entering the time of the year when both inventory and demand typically reach their peak as the start of the school year takes away a substantial chunk of near-term demand,” says Jonathan Smoke, realtor.com®’s chief economist. “This year we’re seeing inventory continue to grow in August. And while overall demand is strong, the trend on median days on market is suggesting that the market is finding more of a balance—and that bodes well for would-be buyers who have been frustrated by the inability to find a home to buy this spring and summer.”
During the first three weeks of August, inventory of for-sale homes increased 3 percent month-over-month. Median list prices nationwide rose 8 percent year-over-year to $233,000. Also, the median days on the market of listings was on the rise in August, increasing to 75 days as houses take slightly longer to sell—another sign reflecting a market that is slightly tilting to the buyers.
Source: “The 20 Hottest U.S. Real Estate Markets in August 2015,” realtor.com® (Aug. 31, 2015)