Home Prices Surge In August As Inventory Tightens

Median listing prices surged 10 percent to a record $350,000 in the United States in August as houses on the market remain scarce this summer, according to the Monthly Housing Trends report released by realtor.com.

The report found:

  • The inventory of houses on the market was down 36 percent in August from a year ago, while new listings were down 12 percent.
  • There were nearly 500,000 fewer homes for sale in the United States than a year ago.
  • Homes are selling in an average 56 days, five days faster than last year.
  • Of the top 50 markets, Miami was the only one to experience a decline in listing prices.

“It’s difficult to imagine that the housing market will be able to sustain the frenzied demand we are currently experiencing, but we have yet to see any signs of slowing,” said Danielle Hale, realtor.com Chief Economist. “Buyer traffic on realtor.com is outpacing the record levels we saw earlier this year, suggesting that demand will continue to exceed the number of available homes for sale.”

The number of homes listed for sale in the nation’s 50 largest metros declined 38.1 percent year-over-year in August. Forty four of the 50 largest metros experienced greater inventory declines than July despite an uptick in the volume of new listings.

Indianapolis-Carmel-Anderson, Ind. (-55.9 percent); Riverside-San Bernardino-Ontario, Calif. (-55.5 percent); and Providence-Warwick, R.I.-Mass. (-51.7 percent) posted the largest inventory declines in August, while homes sold two, nine, and 10 days faster than last year in those markets, respectively.

MetroMedian Listing 
Price YoY
Median 
Listing 
Price
New 
Listing 
Count YoY
Active 
Listing 
Count YoY
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.18.6%$343,000-7.4%-45.1%
Cincinnati, Ohio-Ky.-Ind.17.8%$327,300-25.7%-47.7%
Cleveland-Elyria, Ohio15.6%$232,500-25.3%-50.2%
Boston-Cambridge-Newton, Mass.-N.H.14.7%$678,500-13.1%-34.4%
Kansas City, Mo.-Kan.12.9%$345,100-29.7%-48.9%
San Francisco-Oakland-Hayward, Calif.12.3%$1,029,100-2.8%-12.9%
Providence-Warwick, R.I.-Mass.12.2%$429,100-15.7%-51.7%
Indianapolis-Carmel-Anderson, Ind.11.8%$299,600-27.7%-55.9%
New Orleans-Metairie, La.11.7%$324,100-27.6%-35.8%
Virginia Beach-Norfolk-Newport News, Va.-N.C.11.7%$335,000-5.2%-44.9%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.11.6%$619,1005.3%-11.9%
Memphis, Tenn.-Miss.-Ark.11.5%$265,100-23.5%-48.4%
Rochester, N.Y.11.3%$245,000-6.2%-40.0%
Austin-Round Rock, Texas10.7%$400,000-8.6%-39.9%
Riverside-San Bernardino-Ontario, Calif.10.6%$459,100-13.9%-55.5%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.10.5%$525,100-7.0%-43.7%
Detroit-Warren-Dearborn, Mich10.2%$279,100-21.8%-41.7%
Richmond, Va.10.1%$358,000-18.2%-44.0%
St. Louis, Mo.-Ill.9.5%$250,000-14.7%-37.2%
Atlanta-Sandy Springs-Roswell, Ga.9.1%$354,100-18.2%-41.7%
Denver-Aurora-Lakewood, Colo.8.0%$539,600-10.2%-36.6%
San Diego-Carlsbad, Calif.8.0%$779,100-7.3%-43.9%
Oklahoma City, Okla.7.7%$269,900-18.1%-35.2%
San Jose-Sunnyvale-Santa Clara, Calif.7.4%$1,199,90021.6%-26.1%
Tampa-St. Petersburg-Clearwater, Fla.7.1%$300,000-16.5%-40.9%
Charlotte-Concord-Gastonia, N.C.-S.C.7.1%$370,100-18.2%-46.9%
Hartford-West Hartford-East Hartford, Conn.7.0%$299,100-7.2%-32.1%
Milwaukee-Waukesha-West Allis, Wis.6.6%$346,000-12.0%-41.6%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.6.5%$349,100-11.8%-34.5%
Phoenix-Mesa-Scottsdale, Ariz.6.5%$415,1003.3%-42.8%
Buffalo-Cheektowaga-Niagara Falls, N.Y.6.5%$225,100-1.0%-40.2%
Las Vegas-Henderson-Paradise, Nev.6.4%$343,6004.9%-11.3%
Sacramento–Roseville–Arden-Arcade, Calif.6.2%$528,100-8.6%-51.1%
Louisville/Jefferson County, Ky.-Ind.6.1%$285,000-30.3%-50.1%
San Antonio-New Braunfels, Texas5.9%$313,700-8.6%-39.2%
Birmingham-Hoover, Ala.5.9%$272,200-8.0%-36.3%
Portland-Vancouver-Hillsboro, Ore.-Wash.5.8%$500,100-9.3%-42.4%
Columbus, Ohio5.7%$316,400-17.7%-46.5%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.5.5%$396,000-17.2%-32.5%
Houston-The Woodlands-Sugar Land, Texas5.3%$329,700-9.5%-29.3%
Baltimore-Columbia-Towson, Md.5.2%$350,000-11.6%-51.6%
Seattle-Tacoma-Bellevue, Wash.4.3%$625,100-1.7%-27.3%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.4.2%$360,100-3.6%-28.4%
Dallas-Fort Worth-Arlington, Texas3.5%$360,000-16.0%-40.1%
Raleigh, N.C.3.5%$386,200-10.8%-37.9%
Jacksonville, Fla.2.3%$320,100-16.2%-35.8%
Orlando-Kissimmee-Sanford, Fla.0.8%$325,000-2.1%-17.5%
Miami-Fort Lauderdale-West Palm Beach, Fla.-0.2%$405,100-3.2%-12.8%
Pittsburgh, Pa.N/A*$250,000-8.1%-34.6%
Los Angeles-Long Beach-Anaheim, Calif.N/A*$999,100-9.5%-26.6%