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Home prices declined again in August to $228,700, down 1.3% from July but still up 4.7% from the same month of last year. As we move into the fall months, we should begin to see some seasonal alleviation on prices; however, year-over-year gains will likely remain strong.
Homes sold at a seasonally adjusted annual rate of 5.31 million homes in August, down 4.8% from July and up 6.2% from the same month of the previous year. We are likely seeing a falloff from the rebound effect seen this summer after weather subdued home sales in key regions this spring.
Inventory - Month's Supply
The actual number of homes for sale in August was down 1.3% compared to the same month of the previous year. This led to the months supply of inventory, which measures the relationship between supply and demand, to rise to 5.2 months. This number remains tight as low interest rates spur buyers to enter the market. New home construction has recently shown signs of increasing; however, this recent uptick has not yet been enough to alleviate pressure on existing homes.