Rising prices have sellers testing the housing market, writes Nick Timiraos as August shows another increase in homes listed for sale, according to Realtor.com. There are now 1.98M homes listed, up 1% from July, 24% from February's low, and just 2.5% below a year ago. The Realtor.com report also shows foot traffic slowing amid higher mortgage rates.
The median asking price was unchanged from July at $199.9K, and up 6% Y/Y. Homes are sitting just a bit longer, with half of all those listed on the market for less than 92 days vs. 85 days in July, and 79 as the summer began. A year ago, it was 100.