According to August data in the RE/MAX National Housing Report homeowners generally accepted offers below their listing prices last month which is another sign of rebalancing in the housing market. Within the report’s 51 metro areas The average Close-to-List-Price ratio in August was 99 percent, meaning that homes sold at 1 percent less than their asking price. That’s down from 101 percent in July and 104 percent in April. This change has helped push sales in August 5.3 percent higher than July. Meanwhile, the Median Sales Price dropped 2.4 percent to $410,000 after peaking at $426,000 just three months earlier.
At the same time, new listings dropped 12.8 percent from July, and inventory declined 1.8% after four months of double-digit growth. Even so the amount of houses for sale was 20 percent higher than the number in August 2021.
“Patient buyers were rewarded in August, as prices softened from July. Sales increased as buyers ‘bought the dip’ – which was not the trend many people were expecting. The activity modestly depleted inventory, although the number of homes for sale remains significantly higher than this time a year ago,” said Nick Bailey, RE/MAX President and CEO. “The late-summer burst of activity underscores the housing market’s resiliency. Despite the uptick in interest rates and concerns about the economy, demand remains strong. We’ll see what happens from here, but the August bump in sales was great news for the industry.”
The RE/MAX Executive Realty real estate agent Gina Mayes Harris, who is based in Charlotte, NC, “The Charlotte market is showing strength for both buyers and sellers with homes now selling at market value. Buyers are no longer bidding against each other to extremes, and while sellers are not seeing the same level of price appreciation gains as they have in the past year or two, we expect continued low single-digit appreciation in the coming months and year. All signs point to a more balanced market providing plenty of opportunities for buyers and sellers.”
The second-third of the way through 2022, home sales have declined every month compared to 2021. Other noteworthy metrics include:
- Months Inventory Supply was 1.6 months in August, which is a drop from 1.7 in July but an increase compared to 1.2 in August 2021.
- The average number of days on market was 28, four days higher than July and 3 days more than August 2021.
- August’s Median Sales Price of $410,000 was 2.4 percent lower than July, but was up 7 percent year-over-year.
Highlights and local market indicators in August are:
New Listings (and get more Real Estate insights)
In the 50 metro regions surveyed in August 2022, the total number of newly listed homes decreased by 12.8% in comparison to July 2022 and down 13.1 percent compared to August 2021. The areas with the largest decrease in year-over year number of listings are Dover, DE at -59.4 percent, Milwaukee, WI at -33.6 percent, and St. Louis, MO at -27.1 percent. Leading the way with an increase in year-over-year new listings percentage are Washington, DC at +13.2 percent, Raleigh, NC at +10.7 percent, and New Orleans, LA at +8.4%.
| Active Inventory:
5 Markets with the Most YoY Decrease |
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| Market | Aug 2022
New Listings |
Aug 2021
New Listings |
Year-over-
Year % Change |
| Dover, DE | 442 | 1,090 | -59.4 % |
| Milwaukee, WI | 1,695 | 2,554 | -33.6 % |
| St. Louis, MO | 4,302 | 5,902 | -27.1 % |
| Bozeman, MT | 234 | 314 | -25.5 % |
| Anchorage, AK | 637 | 847 | -24.8 % |
Closed Transactions
Of the 51 metro areas that were surveyed in August 2022, the overall number of home sales was up 5.3% in comparison to July 2022 and down 20.1 percent compared to August 2021. The markets with the biggest decrease in sales percentages year-over year included Bozeman, MT at -44.1 percent, Las Vegas, NV at -37.3 percent, as well as Phoenix, AZ at -31.4%. There was no metro area that had an increase in sales year-over-year percentage.
| Closed Transactions:
5 Markets with the Biggest YoY Decline |
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| Market | Aug 2022
Transactions |
Aug 2021
Transactions |
Year-over-
Year % Change |
| Bozeman, MT | 175 | 313 | -44.1 % |
| Las Vegas, NV | 2,654 | 4,235 | -37.3 % |
| Phoenix, AZ | 5,902 | 8,605 | -31.4 % |
| San Diego, CA | 2,590 | 3,769 | -31.3 % |
| Salt Lake City, UT | 1,262 | 1,835 | -31.2 % |
Median Sales Price Median of 51 metropolitan area prices
In August 2022, the median price of all 51 metropolitan area sales was $410,000, which is down 2.4 percent from July 2022 but up 7.0% in August 2021. Two metro areas saw an increase in median sales price, San Francisco, CA at -4.2% and Honolulu, HI at -0.7 percent. Twenty metro areas increased year-over-year by two-digit percentages, led by Fayetteville, AR at +20.4 percent, Tampa, FL at +19.4 percent, and Orlando, FL at +17.5 percent.
| Median Sales Price:
5 Markets that have the Most Significant YoY Increase |
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| Market | Aug 2022
Median Sales Price |
Aug 2021
Median Sales Price |
Year-over-
Year % Change |
| Fayetteville, AR | $325,000 | $270,000 | +20.4 % |
| Tampa, FL | $370,000 | $310,000 | +19.4 % |
| Orlando, FL | $387,765 | $330,000 | +17.5 % |
| Atlanta, GA | $385,000 | $330,493 | +16.5 % |
| Charlotte, NC | $400,000 | $344,500 | +16.1 % |
Close-to-List Price Ratio Average of 51 metropolitan area prices
In August 2022 the average close to list price ratio of the 51 metro areas included that were included in the study was 99%. This is down from 101% compared to July 2022 and from 102% compared to August 2021. The ratio of close-to-list price is calculated as the average value of the sale price divided by the list price per transaction. If the ratio is greater than 100 percent, the home was sold for more than its list price. If it’s lower than 100%, the home was sold for less than its list price. The metro areas with the lowest close-to-list ratio are Washington, DC at 84% and the tie of Bozeman, MT and Coeur d’Alene, ID at 97%. The highest close-to-list price ratios were found in Burlington, VT at 104 percent followed by an even tie between Hartford, CT and Manchester, NH at 103%.
| Close-to-List Price Ratio:
5 Markets with the Largest YoY decrease |
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| Market | Aug 2022
Close-to-List Price Ratio |
Aug 2021
Close-to-List Price Ratio |
Year-over-
Year % Change |
| Washington, DC | 84.4 % | 101.0 % | -16.5 % |
| San Francisco, CA | 101.6 % | 108.4 % | -6.3 % |
| Seattle, WA | 98.6 % | 104.3 % | -5.5 % |
| Raleigh, NC | 100.5 % | 104.3 % | -3.6 % |
| San Diego, CA | 98.4 % | 101.6 % | -3.2 % |
Days on Market Average of 51 metropolitan areas
The average days on market for homes that sold in August 2022 was 28, up four days from the average in July 2022, and three days from the average in August 2021. The areas with the lowest days on market included Dover, DE at 10, Baltimore, MD at 11 followed by two-way tie in Philadelphia, PA and Washington, DC at 13. The highest days on market averages were recorded in Fayetteville, AR at 63 followed by a tie between New York, NY and Seattle, WA at 47. Days on market is the amount of time between when a house is listed for the first time in an MLS and when a sale contract is signed.
| Days on Market:
5 Markets that have the Largest YoY increase |
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| Market | Aug 2022
Days on Market |
Aug 2021
Days on Market |
Year-over-
Year % Change |
| Bozeman, MT | 39 | 20 | +97.3 % |
| Salt Lake City, UT | 35 | 19 | +82.0 % |
| Denver, CO | 26 | 14 | +79.1 % |
| Tampa, FL | 30 | 17 | +77.4 % |
| Orlando, FL | 33 | 20 | +68.0 % |
Months” Inventory Supply – Average of 51 metropolitan areas
The number of homes for auction in August 2022 decreased by 1.8% from July 2022, and increased by 20.0% over August 2021. Based on the rate of home sales during August 2022. The months’ inventory of inventory decreased to 1.6 as compared to 1.7 in July 2022. It also increased compared to 1.2 in August 2021. In August 2022 the cities that had the lowest months’ inventory were a tie between Albuquerque, NMand Manchester, NH at 0.7 followed by a tie between Charlotte, NC and Hartford, CT at 0.8.
| Months Supply of Inventory:
5 Markets with the Largest YoY Decline |
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| Market | Aug 2022
Months’ Supply of Inventory |
Aug 2021
Months’ Supply of Inventory |
Year-over-
Year % Change |
| Hartford, CT | 0.8 | 1.1 | -28.7 % |
| Providence, RI | 1.0 | 1.3 | -24.3 % |
| Chicago, IL | 1.8 | 2.3 | -20.3 % |
| Tulsa, OK | 0.9 | 1.1 | -19.7 % |
| Cincinnati, OH | 0.9 | 1.1 | -18.8 % |
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