Sales will trend down this month as oscillating sales continue for 4 months in a row. But there are signs that the wide variations are about to come to an end and that we are more likely to see a flat sales trend as we head into the fall season. One can expect the sales to remain low for the rest of the year in the low 2000's for the next 3 months.
TI will trend down again for 3rd month in a row. September is the last chance for a TI rise before the end of the month. Should it fail to rise in September, TI increase that we've enjoyed for the past 1.5 years will come to an end. This is surprising given the all-time record broken this past year for New Housing Completions.
New listings are under the 10-year average for 7 months in a row and will end up at a 9-year low for August. This is exactly the reason why TI continues to drop despite low sales.
MOI is virtually at even with years 2013 and 2018. Nothing interesting about this chart for August but will September bring the kind of rise we saw in 2018 or will it land in the balanced territory again?
Buyer's market > 7 months
Balanced market 4-7 months
Seller's market < 4 months
It looks like record de-listings that we were seeing earlier this year is now coming to an end. But will some of these come back in September at lower prices? I hope so... If we don't see some New Listings recovery in September, we will have to wait until next year and that is a long way to go.
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