Home sales fell for the first time in 15 months in August

The real estate market for the month of August monitoring indicators who pointed towards cooling.

After the bidding wars reached a six-month low in July, home sales fell annually for the first time in 15 months, according to Redfin. Realized sales fell 6% per year in August and 1.4% per month. Meanwhile, pending sales are up 7% from August 2020 and 6.1% from July.

The decline in the total number of properties sold has not slowed the rate of price growth, however. August marked the 13th consecutive month of double-digit annual gains, posting a 16.2% jump from the median selling price to $ 380,300. Prices, however, fell 1% month over month.

“When it comes to house prices in this market, what goes up is still,” said Daryl Fairweather, chief economist at Redfin, in the report. “As workers change jobs en masse and improved unemployment benefits end, we could see even more households relocate for affordability reasons in the coming months. “

The solar belt continues to show the largest increases in values. Among the 88 largest metropolitan areas, Austin, Texas ruled the country with an annual gain of 35.7% of the median selling price. Next come Phoenix at 25.2% and Salt Lake City at 24.3%. Only Milwaukee and Bridgeport, Connecticut posted negative rates, falling 1.6% and 1.1% respectively.

New York made the biggest jump in sales, growing 64.8% from August 2020. Honolulu followed at 47.1% with San Francisco in third at 30.1%. Properties sold in New Orleans fell the most with an annual decline of 23.4%, ahead of a 16.1% drop in Salt Lake City and a 14.3% drop in Warren, Michigan.

McAllen, Texas, was above the others in new registrations, jumping 27% year-over-year. Inventory gains of 16.8% in Virginia Beach and 15.3% in Tulsa, Oklahoma, were just behind. On the other end of the spectrum, new listings fell 55.1% in Baton Rouge, Louisiana, 51.6% in Salt Lake City and 48.5% in Allentown, PA.

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