That said, I agree with Audrey's comment below. This is NOT a good time to wait if you are a buyer or seller. Rates remain very good. Yes, 1% or so off of lows, but historically still approximately 4% below 40-year averages. Second, Dodd-Frank is threatening to restrict lending in a serious way come January, 2014. Buyers who are eligible now may not be in 4 months. Sellers should take this into consideration too.
We were very fortunate to have a great August, and I am very optimistic about the Fall as well. But we need to recognize the dynamics at play and the threats present as we head into next year.
It does pick up right after Labor Day so data wise we do see more homes selling during Sept. and October. Interest rates are still fluctuating and changes are on the horizon. This will always have an impact on buyers qualifying for certain price ranges. If you are selling and buying it is still best to get an offer on your home first before shopping for the replacement property. Go on the conditions you know are present now and not on speculation of what lies ahead because that is not for sure and if you are ready now, it is best to go with your schedule.
My advice to buyers is "act now" while the market is calm and interest rates are still low. My advice to sellers is "get your property on the market asap and price it to sell."