Existing-Home Sales Decreased 0.7% in AugustBy RISMedia Staff
Continuing in its downward trend, sales of existing homes moved lower last month, down 0.7% in August to a seasonally adjusted annual rate of 4.04 million, according to the latest existing-home sales report from the National Association of REALTORS®. Year-over-year, sales dropped 15.3%, according to the report. This follows July’s downturn of 2.2% and June’s drop of 3.3%.
Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines. Total existing-home sales–completed transactions that include single-family homes, townhomes, condominiums and co-ops–slid 0.7% from July to a seasonally adjusted annual rate of 4.04 million in August. Year-over-year, sales fell 15.3% (down from 4.77 million in August 2022). Key highlights from the report:
Northeast Existing-Home Sales: 480,000 (-5.9% MoM; -22.6% YoY) Median Price: $465,700 (+5.8% YoY) Midwest Existing-Home Sales: 970,000 (+1.0% MoM; -16.4% YoY) Median Price: $305,300,(+6.8% YoY) South Existing-Home Sales: 1.84 million (-1.1% MoM; -12.4% YoY) Median Price: $366,100 (+3.2% YoY) West Existing-Home Sales: 750,000 (-2.6% MoM; -115.7% YoY) Median Price: $609,300 (+1.0% YoY) The takeaway: “Home sales have been stable for several months, neither rising nor falling in any meaningful way,” said NAR Chief Economist Lawrence Yun. “Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run. The South had a lighter decline in sales from a year ago due to greater regional job growth since coming out of the pandemic lockdown.” “Home prices continue to march higher despite lower home sales,” Yun added. “Supply needs to essentially double to moderate home price gains.” To view the full report, click here. |
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