New listings as well as properties that went under contract stayed consistent year over year, but saw an uptick when compared to last month - new listings rose by 21% and pendings were up 12%.

Closings are up a little bit from July, however they are down by 23.6% year-over-year - indicative of the drastically busier June we had last year - we had seen 22% more new listings in June of 2022 than we did this past June.

Days on the market hovered around the same from both last month and last year, with over 60% of the homes that sold in August selling in 7 days or less.

We have seen an increase in homes coming back on the market as well as homes that are reducing their price - August saw around 85 price changes and 32 properties come back on the market. 

The price a home was listed for in August 2023 was 3.7% higher than it was in August of last year, however last year buyers were paying an average of 5.6% over the asking price, whereas this month that dropped to 3.1%, helping to offset the increase in prices. So in general, homes are being listed for more but buyers are not having to pay as much over the asking price to get them. 

In August the median sales price rose by 1.3% or $5,500 year-over-year, though it is down 5.1% or $22,000 from just last month. The average buyer paid 4% over list price in July and only 3.1% over list price in August, which shows us that the market is cooling a little bit - likely a continued result of the higher interest rates we’re still seeing along with the typical seasonality that we see in the market each year.