Existing-home sales fell nationwide in August, according to a report Sept. 19 from the National Association of Realtors.
Three out of four major U.S. regions posted sales declines, while the Midwest registered no change. Year-over-year, sales slipped in three regions but remained stable in the Northeast.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 2.5% from July, to a seasonally adjusted annual rate of 3.86 million in August. Year-over-year, sales declined 4.2% (down from 4.03 million in August 2023).
“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” NAR Chief Economist Lawrence Yun said in a release. “The home-buying process, from the initial search to getting the house keys, typically takes several months.”
Total housing inventory registered at the end of August was 1.35 million units, up 0.7% from July and 22.7% from one year ago. Unsold inventory sits at a 4.2-month supply at the current sales pace, up from 4.1 months in July and 3.3 months in August 2023.
“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices,” Mr. Yun said. “However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.”
The median existing-home price for all housing types in August was $416,700, up 3.1% from one year ago ($404,200). All four U.S. regions posted price increases.
In the Midwest, existing-home sales were unchanged in August at an annual rate of 920,000, down 5.2% from the previous year. The median price in the Midwest was $315,400, up 3.8% from August 2023.
