Data from the RE/MAX National Housing Report suggests the housing market is on its way to rebalancing.

The average close-to-list price ratio fell to 99% in August, according to data from 51 metro areas across the U.S. With homes now selling below asking price, sales were 5.3% higher in August than in July.

The median sales price also declined: after reaching an all-time high of $426,000 earlier this year, the average cost of homes has fallen 2.4% to $410,000.

“Patient buyers were rewarded in August, as prices softened from July,” RE/MAX President and CEO Nick Bailey said in a news release. “Sales increased as buyers ‘bought the dip’ — which was not the trend many people were expecting. The activity modestly depleted inventory, although the number of homes for sale remains significantly higher than this time a year ago. …Despite the uptick in interest rates and concerns about the economy, demand remains strong. We’ll see what happens from here, but the August bump in sales was great news for the industry.”