For the first time in 5 months, the median home-sales price did not set a new record high, according to Redfin’s weekly housing report… (Redfin)
- The median sales price for the four-week period ending August 1 was $362,750.
- Year-over-year the median home-sale price increased 18%, but week-over-week prices actually fell 0.2%.
Pending home sales followed a similar pattern with pending sales up only 3% and they were actually down 3% week-over-week.
Two other important stats are also showing signs of a housing market that is cooling down…
- Time on market was 16 days which was 20 days faster than a year ago but was flat from prior week.
- 54% of homes sold above list price, up from 30% a year earlier. This measure , however, has platuated with a similar numbers last week.
One report does not a trend make, but based on NAR’s report last month and talking with many people in the real estate business. It certainly feels like things are starting to cool down as Summer comes to an end.
