Jalaj’s market update for August 2023


Typically, August tends to be a slower month in terms of sales activity, and this past August followed a similar trend. In fact, the number of sales were one of the lowest seen in the last five years. Generally, close to the end of the summer, we see fewer number of homes getting listed for sale, but this past August, we had one of the highest levels of new listings. With increasing supply and decreasing sales, home prices are somewhat expected to decline, but they did not change much from month before. Compared to August of 2022, prices were up by 8%. Having said that, we are seeing a shift in the market. Houses that would have sold a couple months ago are now sitting on the market, and even after getting re-listed are selling for a lower price. One contributor behind this could be an increase in inflation numbers, up at 4%, which probably is on the back of mind of the buyers, as this could possibly mean another increase in interest rate.