August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
- Closed Sales decreased 4.7 percent for Detached homes and 11.6 percent for Attached homes.
- Pending Sales increased 0.9 percent for Detached homes but decreased 0.7 percent for Attached homes.
- The Median Sales Price was up 8.9 percent to $690,000 for Detached homes and 4.8 percent to $435,000 for Attached homes.
- Days on Market decreased 12.1 percent for Detached homes and 20.0 percent for Attached homes.
Supply decreased 31.3 percent for Detached homes and 23.5 percent forAttached homes.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of
residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.