The U.S. housing market showed signs of normalizing in August, with more homes coming on the market and price growth slowing, according to a report Thursday from realtor.com.
New listings ticked up 4.3% year over year in August, although inventory was down 25.8% compared to the same time in 2020, the data showed. That’s an improvement compared to July, when inventory was down 33.5% annually.
In addition, asking prices did not rise as quickly in August. The median listing price registered an 8.6% year-over-year price increase in August, to $380,000, down from July’s record price of $385,000, the report found. However, it’s also nearly 20% more than August 2019.
“Low mortgage rates have motivated homebuyers to endure this year’s challenging market and now some buyers are starting to see their persistence pay off,” Danielle Hale, chief economist at realtor.com, said in the report.
Sellers also “began…