In August, closed sales were down 17% compared to a year ago, with 8,256 transactions across the state. New listings followed the cooling trend, falling 17.9% compared to last August even as the total number of homes for sale increased by 2% to 13,271. This bumped the supply of homes on the market to 1.9 months, an 18.8% gain over last year.
Although the median sales price increased 4.4% to $330,000, sellers were receiving slightly less than their asking price, down 2.2% to 99.3%. Homes were sitting longer, too, with days on the market averaging 29 days, up 7.4% from August 2021.
See the full August Housing Report here.
When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.