Weekly Market Update: August 17th through August 23rd

This Week’s Stats

New Listings: 196 ↓ (210 last week)
Pending Sales: 180 ↑ (175 last week)
Sold Homes: 128 ↑ (124 last week)
Price Reductions: 231 ↑ (219 last week)

Weekly Trend Overview

This week gave us a pretty interesting mix.

New listings dropped by about 7%, while pending sales moved higher. That means fewer homes came onto the market, but buyer activity actually increased. Closed sales also ticked up slightly.

The number that continues to stand out is price reductions. We saw 231 homes reduce their asking price this week, the highest of the four categories and up again from 219 last week.

That continues to reinforce what we’ve been seeing throughout the summer: buyers are active, but they’re also selective. Homes that are positioned well are getting attention, while sellers who miss the market on price are increasingly having to make adjustments.

What This Means for You

For Buyers: There are still opportunities to negotiate. With 231 price reductions this week, some sellers are clearly becoming more motivated. That can open the door to negotiating not only price, but potentially closing costs or seller credits that can be used toward an interest rate buydown.

For Sellers: The increase in pending sales is encouraging. Buyers haven’t disappeared. But with price reductions outnumbering new listings this week, pricing correctly from the beginning remains extremely important. Buyers have choices and they’re paying attention to value.

The takeaway this week: fewer new listings, slightly more buyer activity, and continued pricing pressure on sellers. This isn’t a dead market. It’s a market that’s rewarding realistic expectations on both sides.