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The housing market in August experienced the first year-over-year increase in time on market since June 2020, according to the Monthly Housing Trends Report. Last month, the typical U.S. home spent five more days on the market than last year, but still moved 22 days faster than the typical 2017-2019 pace. Additionally, there was a 26.6% year-over-year increase in active listings in August, according to

“For many of today’s buyers, the uptick in for-sale home options is taking away the sense of urgency that they felt during the past two years, when inventory was scarce,” says chief economist Danielle Hale. “As a result of this shift coupled with higher mortgage rates, competition continued to cool in August, with listing price trends indicating that home sellers are noticing shoppers tightening their purse strings.”

According to, time on the market was lower across the 50 largest U.S. metros (37 days) relative to the national median, but it also slowed from the August 2021 pace in the same markets. Of the 50 largest U.S. metros, only Miami (-9 days) and Richmond, Virginia (-1) experienced time on the market decreases compared with August 2021.

According to the Monthly Housing Trends Report, the U.S. median listing price in August of $435,000 was 14.3% higher than the median price in August 2021 and 36.9% higher than the median price in August 2019. However, for the third consecutive month, the pace of home price growth decelerated. Among the 50 largest metros, Miami (+33.4%), Memphis, Tennessee (+25.8%), and Milwaukee (+25%) experienced the largest annual listing price gains, according to

Approximately 19.4% of active listings nationwide had their prices reduced, a higher share than the 11% of active listings in August 2021. The number of for-sale homes with price reductions increased year-over-year in 49 of the largest metros; Milwaukee was the only market where the share of inventory with price reductions declined (-1.1% on a year-over-year basis). New listings declined 13.4% nationwide compared with August 2021 as well as in 42 of the 50 largest markets on a year-over-year basis.

On a typical day in August, the U.S. inventory of active listings grew 26.6% year over year. Active inventory increased on a year-over-year basis in the West, South, and Midwest, but decreased in the Northeast.

Pending listings posted a larger annual decline in August (-21.9%) compared with July (-19.4%), reflecting moderating demand, as buyers face 61% higher monthly mortgage payments than last year. Freddie Mac’s Primary Mortgage Market Survey (PMMS) indicates the 30-year fixed-rate mortgage averaged 5.66% as of Sept. 1. The 30-year fixed-rate mortgage during the same period in 2021 averaged 2.87%. The 15-year fixed-rate mortgage average 4.98%, compared with 2.18% during the same period in 2021. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.51% as of Sept. 1, up from 2.43% a year ago.

“As we soak up the last days of summer, the housing market is beginning to find more balance between buyer-friendliness and still favorable selling conditions,” Hale says. “Location also matters; our 2022 Hottest Zip Codes show that competition for homes remains fierce for many markets in the Northeast, which was the only region where inventory declined from 2021 levels in August.”