U.S. August home sales, prices face seasonal decline amid still-hot market

• U.S. home sales dropped 3.5% in August, while the median sale price also slipped 1.2% to $335K, albeit still the "second-highest August sales total in the 13-year history of our report," said Nick Bailey president of RE/MAX, according to the RE/MAX August National Housing Report, which surveys 51 metro areas.
• It appears momentum in the 2021 housing boom is gradually easing, but strong demand and tight inventory conditions persisted in August, which "could be with us for the foreseeable future," Bailey added.
• "In fact, the drop in home prices might signal to potential sellers that it's time to get off the fence in case they fall further, which in turn could draw more buyers into the mix."
• Months supply of inventory in August of 1.3 fell from 1.5 in July and "significantly" less than 1.9 in August 2020.
• Average days on market of 24 was one day more than July and reflected sales that were 18 days faster, on average, than in August a year ago.
• The number of homes for sale also fell 6.2% M/M and down 26.7% Y/Y.
• Previously, (Aug. 17) Home inventory rose in July but the hot housing market has room to run.