What happened in August – G.P. Market Recap
Despite further pullback in sales this month, year-to-date sales activity remained over 12 percent higher than last year’s levels and above long-term trends of the city. At the same time new listings also rose enough to cause the sales to new listings ratio to fall below 50 percent, the first time it has done that since late 2020.
market trend summary
Gains in new listings relative to the easing sales this month prevented any significant adjustment in inventory levels and the months of supply pushed up to nearly five months. This recent rise has not had an impact on prices yet. Overall, the average price in the city remains nearly four percent higher than last year’s levels, with stronger gains recorded in the detached market.