August is traditionally a quieter month for real estate as agents and consumers take family holidays and prepare for the start of school.  However, this year we experienced a more active market place with many agents steadily working through the month with their clients.

The data reflects sales are up for the month outpacing last year but sales prices are down.  Also we are seeing inventory levels lower than that of the last two years at this time, let's see if there will be an increase as the second season of the year unfolds, our "Fall Market"

Locally we are somewhat disconnected with the trend across the country. Nationally the low inventory of homes for sale has dominated housing headlines, limiting stronger sales growth while fueling large price gains and ultimately feeding into the problem of declining affordability.  We are observing the strong sales but not accompanied with price increases. 

Mortgage rates remain very accommodating in assisting the purchase process. Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates moving slightly lower for the week helping to spur ongoing refinance activity.