We'll dive right in and take a look at what happened here in August. First and foremost, we saw the interest rates come down just a little bit more. So we started September 1st at about 6.39%.

There's lots of speculation out there about what's going to happen with the interest rates. I think most people would agree that we're probably going to see further relief in about the third week of September. So we'll keep you updated on those changes.

As a result of those interest rates coming down, the last two months have really been pretty strong in terms of buyer demand. We've seen about 280 to 290 buyers going under contract. These are site built single family homes in our MLS.

So buyer demand stayed strong during the month of August, similar to that of July.

The number of closings was pretty much on par with July 2023 closings and the good news is that, although we did see over a thousand homes on the market for a brief period of time, we rolled into September 1st with 997 properties on the market.

We talked a lot over the last few months about how high that inventory might climb. We speculated that we might see close to 1050, maybe even 1100 homes. It appears, at least for now, that we probably are going to stay pretty constant, right at that thousand level mark and not go up further like we had talked about over the last couple of months.

Now, the inventory that's on the market right now does mark about a 19% increase over what we saw year-over-year. If you take a look back at September of 2023, there were 830 homes on the market, so we are up by about 19%.

Let's talk about values. The values in Prescott did fall. These are averages and they did fall last month by about 7.6%.

Remember, if you take a look back at what we talked about last month in this update, there's lots of big swings sometimes. So last month we had this huge appreciation in Prescott, which was tied to a number of properties in the luxury market going pending and selling.

This could just be the inverse effect of that. So a 7.6% decrease in Prescott, about a 1.5% decrease in Prescott Valley, leading to a 3.1% decrease overall throughout the market.

Inventory levels are sitting at about 527 homes in Prescott, 200 or so in Prescott Valley, 86 in Chino and then median sales price year-over-year in the MLS is up 2.13% and for Prescott up 3.11%. Last month we talked about the differences between medians and average.

Days on market MLS-wide is about 62 days, so that's staying fairly stable.

We will keep you posted as we move forward. Thanks again for tuning in and we'll talk to you next month.

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