August 2022 home sales were down 0.9% compared to July 2022, and were 29.2% below the 10-year August sales average.
Over the past 4 months, prices have continued to edge down due to inflationary pressures and rising interest rates.
Home buyers are taking additional time to assess their financial situations and what this changing landscape means for them. It's important for buyers to prepare for the future by looking into their financing options & discussing home prices as well as other considerations with a real estate professional.
Many home sellers have also decided to wait to list their homes due to this changing market. This has caused the selection of homes to decrease by 6.1% compared to July 2022.