August Housing Market Report

Year-over-Year Insights

Compared to last August, new listings dropped 5%, with just 4,779 homes hitting the market. Inventory was concentrated in the mid-range: over half (52%) of the homes were priced between $400K–$700K, while only 1% were listed above $1 million.

Buyer activity, on the other hand, picked up. Pending contracts rose 10% to 3,883 homes—an encouraging sign of demand. However, closed sales dipped slightly, down 4% year over year, with 3,580 homes sold. The majority (77%) were single-family homes, while attached properties—like condos and townhomes—accounted for 23%.

Prices held steady with a slight 1% increase in the median closed price, signaling stable values in the market. Homes, however, are sitting a bit longer before selling. The median days on market rose to 32—10 days more than last year. Single-family homes sold faster (29 days), while attached homes took longer at 44 days, suggesting sellers in that segment may need to plan for longer timelines.

Month-over-Month Insights

Compared to July, August brought fewer new listings—down 13%—tightening inventory for buyers. Despite fewer options, demand remained strong: pending sales increased 8%, showing buyers are still motivated.

Closed sales slipped 5% from the previous month, but prices remained steady, with a 1% bump in the median closed price. One noticeable shift: homes are spending more time on the market. The median time to sell rose to 32 days, up from 26 in July, indicating buyers may be taking a bit longer to make decisions.

Bottom Line

The August numbers paint a picture of a market in transition. Inventory is tightening, buyer demand is holding strong, and prices remain stable. But longer time on market—especially for condos and townhomes—means sellers should be prepared for more patience, while buyers may benefit from a little more breathing room when making offers.

~ Claire  ◡̈

Source: Data supplied by REcolorado®