“August is like the Sunday of Summer.” — Kelly Dwyer
Growing up, I didn’t particularly like Sundays because it meant that the next day will be Monday–a school day. Now, as an adult, I love Sundays! I get to spend time with my wife and daughter. Then, the next day, my week resets and I get to start a new week with new goals. The same goes for August and the housing market, despite the pandemic, it follows a typical year’s pattern, it’s a slow month.
As the July data shows, 6 out of the 9 counties recorded a reduction in sold home prices. Many point to that as the beginning of the long due price correction. However, one should note that it’s very typical for many home buyers to take a break in the summer months from home buying. Some buyers are discouraged and fatigued by being outbid in the Spring home buying frenzy and others are in the midst of a long overdue vacation, prepping for the start of a new school year, etc. It’s expected the softer July will carry to on to a soft August until activities pick up again.
Buyers and sellers should not be alarmed by the July recession. There is a good chance the prices won’t grow again until later part of August and September. So, be on the lookout for more updates in the weeks following Labor Day.
