In August 2024, the average sold price was $1.074M, down 2.9% from July and 0.8% from August 2023. Sales dropped 7.7% month-over-month and 5.3% year-over-year, with 4,975 homes sold. This indicates a more significant cooling of sales compared to prices, reflecting caution in the market.
Condos experienced the most substantial decline, with prices falling 6.1% month-over-month and 4.5% year-over-year, while townhouses dropped 2.5% and 4.6%, respectively. Detached homes, by contrast, remained relatively stable with a minor 0.8% decline month-over-month. Buyers seem to be favoring larger homes, although demand across all segments has softened.
Active listings increased by 46.2% year-over-year, yet sales activity remained sluggish. Even with recent interest rate cuts, many buyers appeared hesitant to commit, potentially waiting for further economic stability and improved affordability in the housing market.