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From boiling over to just hot

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The frenzied pace of the housing market has started to abate, but that means that instead of boiling over, the market is just hot. For the first time this year, Existing Home Sales were down from a year ago — 1.5% below the August 2020 rate. The year-over-year comparisons are likely to show drops

Jill Schlesinger 

for the rest of 2021 because activity was elevated in the last four months of 2020.

Although the pace of activity is edging lower, prices continue to remain elevated. The median home price for an existing home in August was $356,700, up nearly 15% from a year ago. If you can believe it, this data point was seen as a positive, because the pace of annual price growth decelerated from a sizzling 18% in July.


The frenzied pace of the housing market has started to abate, but that means that instead of boiling over, the market is just hot. For the first time this year, Existing Home Sales were down from a year ago — 1.5% below the August 2020 rate. The year-over-year comparisons are likely to show drops

Jill Schlesinger 

for the rest of 2021 because activity was elevated in the last four months of 2020.

Although the pace of activity is edging lower, prices continue to remain elevated. The median home price for an existing home in August was $356,700, up nearly 15% from a year ago. If you can believe it, this data point was seen as a positive, because the pace of annual price growth decelerated from a sizzling 18% in July.

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