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RE/MAX Housing Report – August

Posted on September 18, 2014

iStock_000018780863SmallAs we near the end of September, we can finally begin to grasp August numbers and where the US Housing Market currently stands. Every 30 days, RE/MAX gathers data from over 52 metropolitan areas to give you a month-by-month look at the real estate industry as a whole.

So, what do August numbers tell us and how will this affect buyers, sellers and realtors going into the fourth quarter? Well, in a nutshell and true to year-to-date form, August homes sales have remained below the pace set in 2013, but values continue to rise. Transactions are down 8.2 percent compared to last year but the median sales price is up 7.5 percent reaching roughly $202,500.

Also to be gained from the report is the number of days that a home sits on the market. August’s average was 62, just 2 more days than the average we saw back in July. The important thing to note here is that this marks the 27th consecutive month where the average number of days on the market has remained below 90.

Inventory has not changed too much, up slightly from 4.3 in July to 4.4 in August. A “balanced market” considers 6 as the magic number.

All in all, home sales may not have reached the levels seen in 2013, but the market has performed strongly and we look forward to a busy fall selling real estate on the Gulf Coast.

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