The August numbers are in, and the residential sales rush is over. Home sales cooled in the fall, and have begun to follow a more typical seasonal pattern than the first half of the year.

Encouragingly, price growth has also begun to calm. The median single-family home sale price in August was $371,375, essentially flat compared to the last two years. This was a welcome update after three straight months of year-over-year price increases in May, June and July.

Demand remains high, and the data reflects that we are slowly gaining some much-needed mobility as existing inventory returns to the market.