The report listed only 18 fewer sales in August compared to July, according to TAR. The average selling price was only $175 lower than in July; although the median selling price dropped $7,000. For the third consecutive month, the region’s housing inventory has hovered in the 5,200 listings range, ending August at 5,155 units.
August 2014 housing highlights:
• Sales: 1,158 homes were 1.5% lower than July (1,176 homes)
Year-over-year: 3.9% lower than August 2013 (1,205 sales)
• Total Sales Volume of $237.5 million was 1.6% less than July ($241.4 million)
Year-over-year: 3% lower than August 2013 ($230.5 million)
• Medium Sales Price of $163,000 was 4.1% lower than July ($170,000)
Year-over-year: 1.6% higher than August 2013 ($160,500)
• Average Sales Price of $205,084 was basically flat compared to July ($205,259)
Year-over-year: 7.2% higher than August 2013 ($191,283)
• Active Listings of 5,155 units were flat compared to July (5,149)
Year-over-year: 21.3% higher than August 2013 (4,249 units)
• Conventional Loan Sales were 38.5%; cash sales were 26%
To read the full TAR/MLS Residential Report, click here.