10/08/2021
Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REAL TORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
Closed Sales decreased 16.1 percent for Detached homes and 0. 7 percent for Attached homes. Pending Sales decreased 12.6 percent for Detached homes and 10.6 percent for Attached homes. Inventory decreased 42.6 percent for Detached homes and 60.1 percent for Attached homes.
The Median Sales Price was up 15.9 percent to $860,000 for Detached homes and 16.5 percent to $565,000 for Attached homes. Days on Market decreased 19.2 percent for Detached homes and 20.0 percent for Attached homes. Supply decreased 47.1 percent for Detached homes and 66.7 percent for Attached homes.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-overyear gains, would be music to the ears of homebuyers throughout the country.
If you are considering buying or selling your home, you deserve an experienced broker to negotiate on your behalf. I sit on the San Diego County Property Tax Assessment Appeals Board and have been a licensee/broker since 2003.
*Monthly Indicator information provided by SDAR
