Here's a more detailed look at indicators from August, according to NAR's report:
- 69% of homes sold in August were on the market for less than a month.
- A year prior, homes stayed on the market for an average of 31 days, whereas they stayed on the market for an average of 22 days this August.
- First-time homebuyers accounted for 33% of home sales in August, up from 31% the previous year.
- Total housing inventory at the end of August was 1.49 million, down from 1.83 million a year ago.
To find out more information about the report from the NAR, check out the article here.