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Turning Point for Housing Market? Key Drivers Shift from Supply to Demand

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• Prices Stabilize - Despite the increase in inventories, the national median list price did not change compared to July. Absent a significant weakening in economic conditions or significantly higher rates, prices should continue to slowly rise alongside typical cost of living increases.

• Price Appreciation Becoming More Widespread - In August, 123 of the 146 Metropolitan Statistical Areas (MSAs) covered by realtor.com® registered a year-over-year increase in their median list price, with 78 markets registering an increase of 5 percent or more. Of the 18 markets reporting a list price decline, only 11 markets had a year-over-year list price decline of one percent or more, and only three markets had a list price decline of 5 percent or more. By contrast, the number of markets reporting year over year median prices lower than they were last year was 31 in July.

Local Market Highlights:

• Inventory – The following MSAs saw a significant decline in inventory:
- Melbourne, Fla.: -30 percent
- Sacramento, Calif.: -26 percent
- Stockton, Calif.: -31 percent

• Median Age – The median age of inventory increased across the board in 130 of 146 MSAs. The three biggest gainers were:
- Oakland, Calif: +25 percent
- Denver: +26 percent
- Seattle: +25 percent

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