Home prices rise in August as buyers grow more selective
“Today’s housing market is sending a clear message: buyers remain in the market, but they’re becoming choosier,” said Brad Case, chief residential economist at Homes.com.
“That pattern suggests that demand remains sufficient to support home prices, but buyers appear to be increasingly selective about the homes they choose to purchase.”
Regional gaps widen as Midwest holds firm
Of the nation’s 40 largest housing markets, 28 posted year-over-year median price increases in August.
Pittsburgh and Cleveland continued to outperform, with relative affordability keeping buyer activity firm in both cities.
Austin, Texas, and Raleigh, North Carolina, were among the markets that recorded year-over-year declines, as above-average inventory levels shifted negotiating leverage toward buyers in those Sun Belt and Southeast markets.
