Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

• New Listings were up 6.2 percent to 325.
• Pending Sales increased 23.1 percent to 357, the seventh consecutive month of year-over-year gains. Inventory shrank 18.7 percent to 714 units.
• Prices moved higher as Median Sales Price was up 18.7 percent to $248,455.
• Days on Market decreased 27.5 percent to 87 days.
• Months Supply of Inventory was down 32.4 percent to 2.3 months, indicating that demand increased relative to supply.