The residential property market in our region has experienced a significant uptick this year, with inventory levels reaching their highest point since July 2020. In August, the total number of available homes rose to 3,419, marking a 23% increase from last year’s 2,789 and a 2% rise from July. This is the third consecutive month with inventory exceeding 3,000 and the 10th month of year-over-year growth.

New Listings and Yearly Trends

While new listings remained stable from the previous month, they saw a 1% increase year-over-year, totaling 1,647 in August compared to 1,643 last year. This trend has been consistent since February, contributing to a 6% rise in new listings year-to-date, bringing the total to 12,413 for 2024, up from 11,724 in 2023.

Months of Inventory (MOI)

The Months of Inventory (MOI) metric continues to improve, peaking at 2.8 in August—27% higher than last year’s 2.2. This marks the highest MOI for August since 2019 and the 28th consecutive month of year-over-year increases.

Interest Rates and Market Dynamics

In August, average interest rates fell to 6.5%, down from 7.07% last year and 6.85% the previous month. Analysts expect this downward trend to continue, especially following the Federal Reserve’s recent rate cut.

Despite these favorable conditions, overall residential sales decreased to 1,203 in August, down 5% from 1,263 last year and 6% from the previous month. Single-family home sales also dropped by 6%, while townhouse and condo sales increased by 11%, totaling 73 this year compared to 66 in 2023.

New Construction and Pending Transactions

New construction sales saw a 7% decline from the previous month, dropping to 114, but rose 9% year-over-year, indicating a positive trend in new builds. Pending transactions fell 4% compared to last year, with 1,174 properties under contract in August.

Home Prices and Sales Volume

Interestingly, despite slower sales, home prices reached an all-time high for August at $280,000, an 8% increase from last year’s $259,474. This marks the 66th consecutive month of year-over-year price appreciation. The average time for a home to sell increased slightly to 35 days, up from 34 days in July.

Overall, the total volume of real estate sold in the first eight months approached $2.75 billion, reflecting a 7% increase from 2023, with $392 million of that total coming in August alone.

This summary captures the current state of the real estate market, highlighting key trends and insights for potential buyers and sellers. If you have any specific areas you’d like to explore further, just let me know!