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As the housing market cools down after a two-year buying frenzy, prices are beginning to fall in some popular metros, but throughout much of the country, sellers are still benefiting from historically high home prices and unwavering buyer demand. Home sales fell 38% in August while inventory rose 5.5% and homes spent far longer on the market than they did a year ago, but in 71 of the nation’s 100 largest housing markets, sellers had the upper hand at the close of summer, Forbes reports.
For the second month in a row, Fayetteville, North Carolina was the most favorable seller’s market in the nation, followed by Akron, Ohio and Winston-Salem, North Carolina. In eight of the top 10 seller’s markets, the median home price was $250,000 or less, markedly lower than the U.S. median home price of $390,000.
With a median sale price of $225,000, Fayetteville ranks among the lowest priced housing markets in the nation. It is among the nation’s hottest with homes selling in an average of seven days in August. Fayetteville also saw a 56% increase in home sales in August year-over-year, bucking the national trend of double-digit sales declines. Fayetteville’s housing inventory dropped 21% over last August to 447 — nearly the lowest housing inventory of any large housing market.
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