The housing market came out of August ahead, despite the month's typical slowdown as the summer home-buying season draws to a close, according to reports from Redfin and Remax.
Seattle-based Redfin reported that home sales rose 6.5% year-over-year in August, while Remax similarly found home sales to be up 5% from August 2014. Both companies noted a drop in sales nationwide from July to August, however.
Additionally, the supply of homes grew, according to Redfin, with a 3.2-month inventory, up from a record low of 2.8 months in June and July. Remax reported a comparable increase, but said that the figure was below the inventory seen last August.
As for sales prices, Remax reported a median sales price for homes sold in August of $215,000, which was unchanged from July. Redfin said the median sales price fell month-to-month to $275,200 during that same time, conversely.
Nevertheless, both reports reflected the continued strength of the housing market this year and the improved results overall this past summer.
"As the summer home selling season comes to a close, we're very pleased with the growth we've seen in 2015," said Dave Liniger, chief executive and chairman of Remax. "Sales were significantly stronger than last year and price increases are providing better equity for existing homeowners, which results in an improved inventory."
