Sabrina Speianu, Economic Data Manager, realtor.com®
- The national inventory of active listings increased by 26.6% over last year.
- The total inventory of unsold homes, including pending listings, increased by just 1.3% year-over-year due to a decline in pending inventory (-21.9%).
- Selling sentiment declined and listing activity followed, with newly listed homes declining by 13.4% on a year-over-year basis.
- The median list price grew by 14.3% in August, a deceleration from recent highs.
- Time on market was 42 days, 5 days more than last year but 22 days less than typical pre-pandemic levels.
- Regionally, large Western markets which saw some of the most growth last year and earlier this year are now showing the greatest signs of deceleration, with larger inventory increases, more price reductions, and more quickly decelerating price growth than other regions.