The trend we've observed over the past few months persisted into August. During this period, there was a decrease in new listings, active listings, and pending sales compared to the previous month and the same period last year. Many experts are now characterizing this situation for sellers as being trapped in a scenario often dubbed "golden handcuffs," where elevated interest rates are impeding homeowners from making a move.
This data point remained below prior years. It declined slightly month-over-month and by 8.6% when compared to last year at this time.
Below is a chart showcasing August new listings from 2009 to date. Note that August 2023 listings are on-track with what we saw in 2009,…
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