Active residences (current inventory) – Last month I wrote, “We may see another high for the year, but we are late in the annual cycle and should begin to turn downward in the days ahead.” We did not get a new high but instead have begun to turn down in the number of homes on the market, decreasing from 555 last month to 511 on Sept 7. The supply of homes should continue to decrease into the end to the year.

3 & 12-Month Median Prices. Last month I wrote, “Prices stalled in July for each of the previous two years before turning down into late winter, which kept us range-bound.’ For the third year, prices stalled in July and turned down. The 3-month median price decreased from $450,000 to $435,000 and the 12-month from $435,000 to $431,000. We may have begun our seasonal downturn for this year.

Median DOM (days on market - the time it takes for 50% of homes to leave the market for homes that sold over the past 30 days). The median number of days that homes stay on the market has increased again this month, rising from 32 on August 8 to 38 on Sept 7 with a 30-day range of 29-40. Homes are staying on the market longer now and these numbers should increase monthly into winter.

Number of pendings over the last 30 days, close-up. There was a burst of buying energy in August which is not unusual based on what has taken place in previous years. The number homes pended over a 30-day period rose from 108 on August 9 to 120 on Sept 9. We are getting late in our buying season and that energy may dissipate in the coming months and cause the number of sales to decline into the first part of January, 2026.

Homes sold for 12 Consecutive Months. The upward trend in the number of homes sold for 12 consecutive months leveled off for the month of August. The sales numbers for the 12-month period ending in July was 1127 and August came in at 1123. This has been a normal pattern since we bottomed in November 2023 and not an indication of a change in trend.

3-month median list price compared to 3-month median sold price. Last month I wrote, “The list price and sales price for July were equal at $450,000, indicating stronger buying pressure in recent months,” This buying pressure diminished a bit in August with both the list price and sales price decreased. The list price decreased $5,000 to $445,000 and the sales price decreased $15,000 to $435,000. It appears the previous, stronger buying pressure was a one and done event.