RE/MAX: Home Sales, New Listings Increase as Summer Winds Down

(Courtesy RE/MAX)

RE/MAX, Denver, reported new real estate listings rose 1.8% in August, bucking the typical July-to-August seasonal trend of decline.

Last year, new listings declined 12.8% in August, which was the second month in a streak of six month-to-month declines that ended in January 2023.

RE/MAX said home sales rose 7.4% over July; the median sales price of $425,000 held steady across the 50 metro areas the firm surveyed. Meanwhile, year-over-year new listings were down 13.2% while home sales dropped 13.1%. The median sales price was up 3.7% year-over-year.

The number of homes for sale increased 2.7% in August, the fifth straight month of inventory buildup, the report said. But inventory was 13.2% lower than in August 2022.

“Buyers should be pleased to see the slow but ongoing ramp-up in available listings, regardless of comparisons to a year ago,” said RE/MAX President and CEO Nick Bailey. “More listings mean more options, and that’s a plus for buyers who haven’t been able to find the right home yet–and for potential buyers who’ve been reluctant to start looking. With new listings emerging, sales ticking up and prices stabilizing, there were several things to like in the August results.”

Other notable metrics from the report:

-Homes sold for an average of 99% of the listing price in August, compared to 100% in both July and August 2022.

-Months’ supply of inventory in August equaled 1.7, the same as July 2023 and August 2022.

-Homes sold in August were on the market an average of 34 days, three days longer than in July and five days longer than August of 2022.