The National Association of Realtors® (NAR) reported that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined -2.0% from July to a seasonally adjusted rate at 5.88 million homes in August. Year-over-year sales are down -1.5% (5.97 million August 2020).
At the end of August, unsold inventory was at a 2.6-month supply, at the current sales pace. This is unchanged from July 2020 but down year-over-year from the August 2020 rate of 3.0 months.
The median existing-home price for all housing types in August was $356,700, up 14.9% from August 2020 ($310,400) as prices increased in each region. This marks 114 straight months of year-over-year gains.
In remarks prepared for the August total existing home sales report, Lawrence Yun, NAR’s chief economist said, “Sales slipped a bit in August as prices rose nationwide. 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.” Yun added that “High home prices make for an unbalanced market, but prices would normalize with more supply.”
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Existing-Home Sales Recede 2.0% in August