According to August’s data from the RE/MAX National Home Survey, homeowners generally accepted offers lower than their listed prices last month which is a further sign that there is a shift in the market. Across 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 the asking price. That’s down from 101 percent in July and 104% in April. This shift helped push August sales 5.3 percent higher than July, while the Median Sales Price declined 2.4 percent to $410,000, after reaching a high of $426,000 a month earlier.
However, new listings dropped 12.8% from July and inventory declined 1.8% after four months of double-digit increase. However the amount of houses offered 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.”
The RE/MAX Executive Realty real estate agent Gina Mayes Harris, who is based 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.”
Two-thirds of the way through 2022 the home sales have decreased each month, compared to 2021. Other notable statistics include:
- Months Supply of Inventory was 1.6 months in August, a decrease from 1.7 in July, but an increase compared to 1.2 in August 2021.
- Days on Market averaged 28, four days more than July, and three days more than August 2021.
- August’s Median Sales Price of $410,000 was 2.4 less than July’s median price, but was up by 7 percent year-over-year.
Highlights and local market statistics in August are:
New Listings (and get more Real Estate insights)
Of the 51 metro areas that were surveyed in August 2022, the number of homes that were newly listed decreased by 12.8% as compared to July 2022, and down 13.1 percent compared with August 2021. The markets with the biggest decrease in year-over-year number of listings are Dover, DE at -59.4 percent, Milwaukee, WI at -33.6 percent, and St. Louis, MO at -27.1%. Leading the way with an increase in year-over-year new listings percentage were Washington, DC at +13.2 percent, Raleigh, NC at +10.7 percent and New Orleans, LA at +8.4%.
| 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
In the 50 metro regions surveyed in August 2022, the overall quantity of sales of homes was up 5.3 percent when compared to July 2022, and down 20.1% compared to August 2021. The markets with the biggest decrease in sales percentages year-over year were Bozeman, MT at -44.1%, Las Vegas, NV at -37.3% and Phoenix, AZ at -31.4%. There was no metro area that had an increase in sales year-over-year percentage.
| Closed Transactions:
5 Markets with the Largest YoY decrease |
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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 metropolitan area prices
In August 2022, the median of all 51 city sales prices reached $410,000, down 2.4% compared to July 2022 and up 7.0% in August 2021. Two metro areas saw a year-over-year decrease in median sales prices, San Francisco, CA at -4.2% and Honolulu, HI at -0.7 percent. Twenty metro areas grew year-over-year by double-digit percentages. The top three were Fayetteville, AR at +20.4%, Tampa, FL at +19.4%, and Orlando, FL at +17.5 percent.
| Median Sales Price:
5 Markets with 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 metro area prices
The report for August 2022 showed that the average close-to-list price ratio of the 51 metro areas included that were included in the study was 99%. This is which is down from 101% when compared to July 2022 as well as from 102% when compared to August 2021. The ratio of close-to-list price is calculated as the average value of the sale price multiplied by the listing price for each transaction. If the ratio is higher than 100 percent, the property sold for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metropolitan areas with the lowest close-to-list ratio included Washington, DC at 84% and an even tie between Bozeman, MT and Coeur d’Alene, ID at 97 percent. The highest ratios for close-to-list prices were in Burlington, VT at 104%, followed by a tie between Hartford, CT and Manchester, NH at 103%.
| Close-to-List Price Ratio:
5 Markets that have the Biggest YoY decrease |
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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 metro areas
The average days on market for homes sold in August 2022 was days, which was up four days from the average for July 2022, and up three days from the average in August 2021. The areas that had the lowest days on market were Dover, DE at 10, Baltimore, MD at 11 followed by two-way tie in Philadelphia, PA and Washington, DC at 13. The highest number of days on market averages were in Fayetteville, AR at 63, followed by a tie between New York, NY and Seattle, WA at 47. Days on market is the time between when a house is first listed in an MLS and when a contract for sale is executed.
| Days on Market:
5 Markets that have the Largest YoY Growth |
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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” Inventory Supply – Average of 51 metro areas
The number of houses for to be sold in August 2022 fell by 1.8 percent from the month of July 2022, and increased by 20.0% from August 2021. Based on the pace of homes sold in August 2022, months’ inventory of inventory decreased to 1.6 compared to 1.7 in July 2022. It also increased to 1.2 in August 2021. In August 2022, the cities that had the lowest months’ supply of inventory was 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 with the Biggest 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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