We saw inventory grow 2% to its likely peak for the year, and while overall demand remained strong, the trend in median days on market suggests that the market is finding more of a balance. Median days on market are down 5 percent year-over-year and up 6 percent month-over-month at 75 days, which shows the season is naturally shifting to favor buyers as inventory moves more slowly than in spring and early summer.

The residential real estate market remained positive and healthy in August, as both demand and supply experienced sustained growth. We saw inventory grow 2% to its likely peak for the year, and while overall demand remained strong, the trend in median days on market suggests that the market is finding more of a balance. Median days on market are down 5 percent year-over-year and up 6 percent month-over-month at 75 days, which shows the season is naturally shifting to favor buyers as inventory moves more slowly than in spring and early summer.

In Arlington County, VA, the median sold price for detached properties for August was $796,519, compared to the median sold price for Condo & Coop properties, which was $409,950. The median sold price for single-family homes in Arlington County, VA, has decreased 1.5% from last month and increased 6.7% since August 2014. The median sold price for Condo & Coop properties has increased 10.8% from last month and 4.4% since August 2014.

In Fairfax County, VA, the median sold price for detached properties for August was $615,000, compared to the median sold price for Condo & Coop properties, which was $269,500. The median sold price for single-family homes in Fairfax County, VA, has decreased 3.5% from last month and 0.4% since August 2014. The median sold price or Condo & Coop properties has increased 1.7% from last month and increased 8.5% since August 2014.

In Washington D.C., the median sold price for detached properties for August was $780,000, compared to the median sold price for Condo & Coop properties, which was $422,500. The median sold price for single-family homes in Washington D.C. decreased 7.8% compared to last month and increased 15.6% since August 2014. The median price for Condo & Coop properties decreased 4.6% from last month and increased 3.7% since August 2014.

The Conference Board Consumer Confidence Index, which had declined in July, rebounded in August and is up 10.5 pts. The Index now stands at 101.5, up from 91.0 in July. Lynn Franco, Director of Economic Indicators at The Conference Board stated, “Consumers’ assessment of current conditions was considerably more upbeat, primarily due to more favorable appraisal of the labor market. The uncertainty expressed last month about the short-term outlook has dissipated and consumers are once again feeling optimistic about the near future.”

Source: Realtor.com, RBI, Consumer Conference Board