Active inventory fell by 72 homes over the past two weeks to 4,982, slightly above last year's 4,869 but 32% below the pre-COVID (2017 to 2019) average of 6,569, with 27% fewer new listings coming to market January through August than that same benchmark.

Buyer demand dropped 4% to 1,468 pending sales, down from 1,591 a year ago and 61% below the pre-COVID average of 2,363.

Because demand is falling faster than supply, the Expected Market Time rose from 98 to 101 days, slower than last year's 90 days and the pre-COVID average of 84 days.

August closed 1,755 residential resales, down 6% year over year and 9% from July, with a 99.5% sales-to-list price ratio and 99.72% of all sales coming from sellers with equity.