August Market Overview
August’s housing market showed steadiness in prices, even as activity slowed. Median sales prices edged up, supported by higher-end homes and recent rate movements, signaling that sellers remain confident. Rather than rushing to market, many are waiting, which is keeping values from slipping despite softer conditions.
At the same time, fewer new listings appeared compared to both last month and last year. With homes taking longer to sell, many owners are choosing to hold off, leading to a drop in overall inventory month-over-month. Still, overall inventory is higher than a year ago, giving buyers more choice while adding pressure for sellers to stand out.
Sales activity reflected this slower pace. Pending and closed sales fell again, aligning with the trend of reduced activity and pointing to some of the lowest sales volumes in years. Rising days on market further confirm the shift, though dynamics vary widely depending on neighborhood and property type.
For sellers, pricing and presentation remain key. The median sales-to-list price is strong, but the gap between original list price and final sale continues to grow, showing how critical it is to set the right number from the start. For buyers, patience and selectivity are easier to exercise now, though the best homes still draw quick attention. With interest rates showing signs of relief, both sides of the market may find new opportunities as fall approaches.
Mark Daker of Ameris Bank Insights
Mortgage rates in August held near their lowest levels of the year, with movements largely driven by employment and inflation data. Early in the month, weaker-than-expected employment figures and downward revisions to prior reports signaled a softening labor market, giving rates room to improve.
Inflation reports later in the month also came in slightly better than expected, further supporting lower rate expectations and reinforcing forecasts of 2–3 Fed cuts this year, despite some offsetting data from producer prices.
While Fed Chair Powell initially maintained a cautious stance, his later remarks hinted that rate cuts may now be more appropriate, signaling a subtle shift in tone. Overall, August was a relatively calm month, with rates ending steady to slightly improved and hovering at year-to-date lows.
