The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings increased 0.9 percent for Single Family homes and 9.5 percent for Townhouse-Condo homes. Pending Sales decreased 31.6 percent for Single Family homes and 36.0 percent for Townhouse-Condo homes. Inventory decreased 31.6 percent for Single Family homes and 11.0 percent for Townhouse-Condo homes.
Median Sales Price increased 14.6 percent to $825,000 for Single Family homes and 9.8 percent to $510,000 for Townhouse-Condo homes. Days on Market decreased 17.5 percent for Single Family homes and 23.3 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 27.3 percent for Single Family homes and 6.3 percent for Townhouse-Condo homes.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
