The number of homes sold in August fell by 5% compared to last year, but here’s the twist: prices didn’t drop.
- Days on market hit a 4-year low, with the average home selling in just 17 days. Bidding wars are back in 12 major metro areas, driven by a sudden scarcity of new listings.
- Cash buyers now account for 34% of all purchases, the highest share since 2019. Real estate investors are swooping in, paying above asking price in key Sun Belt markets.
- A new “adaptive reuse” trend is reshaping commercial real estate: nearly 1 in 5 office buildings in downtown cores are being converted into apartments, cutting housing supply further.
- Mortgage rates dipped below 6.5% for the first time in six months, triggering a 22% spike in new loan applications last week alone.
- The biggest surprise? Luxury real estate sales spiked 15% month-over-month, driven by a wave of international buyers fleeing currency instability in Europe and Asia.