According to August’s data from the RE/MAX National Home Survey, homeowners typically accepted offers that were lower than their listing prices last month which is another sign of a rebalancing in the housing market. Within the report’s 51 metro areas The average Close-to-List-Price Ratio in August was 99%, meaning that homes sold for 1 percent less than their asking price. That’s down from 101% in July and 104 percent in April. This shift has helped push sales in August 5.3% higher than July, and the Median Sales Price declined 2.4 percent to $410,000 after peaking at $426,000 just three months earlier.
In the same time, new listings dropped 12.8% from July and inventory decreased 1.8 percent following 4 months of growth that was double-digit. Even so, the total number of homes for sale was 20% higher than 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.”
Added RE/MAX Executive Realty real estate agent Gina Mayes Harris, who is located 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.”
About two-thirds of the way to 2022, home sales have declined every month when compared to 2021. Other noteworthy metrics include:
- Months Inventory Supply was 1.6 months in August, a decrease from 1.7 in July, but an increase over 1.2 in August 2021.
- Days on Market averaged 28, four days higher than July and three more days than August 2021.
- The August Median Sales Price was $410,000, which is 2.4 percent lower than July, however, it was up 7 percent year-over-year.
Highlights and local market metrics in August are:
New Listings (and get more Real Estate insights)
Of the 51 metro regions surveyed in August 2022, the number of newly listed homes decreased by 12.8 percent in comparison to July 2022 and down 13.1% compared to August 2021. The metro areas with the highest decrease in year-over-year percent of new listings were Dover, DE at -59.4 percent, Milwaukee, WI at -33.6%, and St. Louis, MO at -27.1 percent. Leading the way with an increase in year-over-year percentage of new listings was Washington, DC at +13.2 percent, Raleigh, NC at +10.7% and New Orleans, LA at +8.4 percent.
| Active Inventory:
5 Markets that have the Largest YoY Decline |
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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 total quantity of sales of homes increased 5.3 percent compared to July 2022, and down 20.1% compared to August 2021. The areas that saw the biggest decline in the year-over-year sales percentage were Bozeman, MT at -44.1 percent, Las Vegas, NV at -37.3%, and Phoenix, AZ at -31.4%. No metro area had an increase in year-over-year sales percentage.
| Closed Transactions:
5 Markets that have 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 metro area prices
In August 2022, the median price of all 51 metro area sales prices was $410,000, which is down 2.4 percent compared to July 2022 and up 7.0 percent over August 2021. Two metro areas saw an increase in median sales price, San Francisco, CA at -4.2% and Honolulu, HI at -0.7%. Twenty metro areas grew year-over-year by two-digit percentages, led by Fayetteville, AR at +20.4 percent, Tampa, FL at +19.4%, and Orlando, FL at +17.5%.
| Median Sales Price:
5 Markets that have the Most Significant YoY Growth |
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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 prices in the metro area.
In August 2022, the average close-to-list price ratio of all metropolitan areas in the report was 99%, which is down from 101% when compared to July 2022 as well as from 102% in comparison to August 2021. The close-to-list price ratio is calculated using the average value of the sale cost divided by the listing price for each transaction. If the ratio is greater than 100%, then the property was sold for more than its list price. If it’s less than 100%, the property sold for less than the list price. The metro areas with the lowest close-to-list ratio are Washington, DC at 84%, followed by the tie of Bozeman, MT and Coeur d’Alene, ID at 97%. The highest ratios of close-to-list prices were recorded 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 Biggest YoY Decline |
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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 sold in August 2022 was 28, which was up four days from the average in July 2022 and up three days over the average for August 2021. The areas with the lowest days on market included Dover, DE at 10, Baltimore, MD at 11 and a two-way tie between Philadelphia, PA and Washington, DC at 13. The highest number of days on market averages were in Fayetteville, AR at 63, followed by an even tie between New York, NY and Seattle, WA at 47. Days on market refers to the number of days between when a house is listed for the first time in an MLS and when a contract for sale is executed.
| Days on Market:
5 Markets with 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’ Supply of Inventory – Average of 51 metro areas
The number of houses for auction in August 2022 decreased by 1.8 percent from the month of July 2022 but up 20.0% in August 2021. Based on the rate of home sales during August 2022. The month’s inventory of inventory decreased to 1.6 compared to 1.7 in July 2022. It also increased to 1.2 in August 2021. The August 2022 areas with the lowest month’s 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 that have the Most YoY decrease |
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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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