Data from Realtor.com reveals that during the month of August the median price for a home fell $1,000 from July to $250,000 but was still up 8% on a year-over-year basis, a record high for August. Paul Ausick, 24/7 Wall St., reports on this positive month for the real estate market and which local markets came out on top.
Of the top 20 markets, 11 were located in California with Vallejo coming in at number one. Jonathan Smoke, Realtor.com chief economist, took note of the strength of the market during August:
Realtor.com’s traffic growth has been particularly strong in August, even surpassing record highs set in July, making this an extended summer with unprecedented interest in buying...The current conditions provide more opportunity for any frustrated buyers still in the market to face less competition as we close out the summer.