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End-of-August housing market report

As in prior months, the housing market continued to display a low supply in August with ample amount of eager buyers, for-sale inventory shrinking each week and homes for sale going under contract just under two weeks after being listed.

The last week of August revealed that sellers are continuing to drive the housing market, according to a report from Zillow.

Market supply remained on the low while the number of buyers remained high, buyers finding themselves with fewer options each week as total for-sale inventory contracted yet again at the end of August.

For-sale inventory shrunk for the 13th week, reports Zillow, and the amount of time homes sat on the market remained low.

According to Zillow, homes are typically going under contract 13 days after their listing. This revealed to be two weeks faster compared to last year at the same time.

The typical home on the market is also now more expensive according to the report, median list prices up nearly 9% compared to last year.

A bright spot for future buyers, according to late August numbers, is that new for-sale inventory rose month-over-month, closer to the previous year’s figures than any time since March.