Prices dipped slightly in August on a national level, with median home price coming in at $219,800, a decrease of 0.8%. However, year-over-year prices continue to increase, with August showing an increase of 4.8%. Year-over-year price gains in the 4?6% range are a continued indication that the housing market has returned to a more stable balance between available inventory and the pace of home sales.
The seasonally adjusted annualized pace of home sales dropped 1.8% in August compared to the previous month. Home sales were down 6.3% compared to last August, which posted the second highest pace of sales in 2013.
INVENTORY - MONTH'S SUPPLY
The number of homes available for sale was up 4.5% from last year, with 2.31 million homes available for sale in August. That translates to 5.5 months of supply, keeping the market slightly in favor of sellers. With more homes on the market, buyers should have more options, though in many markets timeliness will still be a factor when putting in an offer on a home.