Existing-home sales fell in August breaking a two-month streak of increases, according to the National Association of Realtors monthly report…(NAR)
- M-O-M: Total existing-home sales fell 2.0% from July to a seasonally adjusted annual rate of 5.88 million in August.
- Y-O-Y: Total sales were also down 1.5% when compared to the same time one year ago.
SINGLE-FAMILY home sales fell 1.9% from July to a rate of 5.19 million in August which was also down 2.8% from one year ago.
Inventory actually fell at the end of August with a 1.5% drop from July’s supply and down 13.4% from one year ago.
- Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from July but down from 3.0 months one year ago.
- Time on market was 17 days in August, unchanged from July and down from 22 days in August 2020. 87% of homes sold in August were on the market for less than a month.
The median existing-home price was $356,700 a 14.9% increase when compared to August 2020. This marks 114 straight months of year-over-year gains.
- The median existing single-family home price was up 15.6% in August to $363,800.
Regionally, the South continues to see the most volume, registering an annual rate of 2,550,000, despite a 3% drop in August when compared to July. The median home price was up 12.8% from one year ago to $303,200.
- The Midwest saw home sales fall 1.4% to an annual rate of 1,370,000 in August with a median price up 10.5% from August 2020 to $272,200.
- The West saw home sales fall 0.8% to an annual rate of 1,230,000 in August, with a median price up 11.4% from August 2020 to a nationwide high of $507,900.
- The Northeast saw home sales fall 1.4% to an annual rate of 730,000 in August with a median price in the seeing the biggest jump at 16.8% from one year ago to $407,800.
Lawrence Yun, NAR chief economist, says the housing market is showing signs of cooling, but we still need more homes on market…
- “Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory.”
