Existing Home Sales in August Hit Highest Level Since December 2006

The National Association of Realtors® (NAR) has reported that total existing-home sales in August, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.47% above July, to a seasonally-adjusted annual rate of 6.00 million in August. Year-over-year, sales as a whole were up 10.5%, (5.43 million in August 2019). This represents a supply of 3.0 months at the current sales rate. Down from 3.1 months in July. In prepared remarks, Lawrence Yun, NAR’s chief economist said, Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market. Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.” Yun went on to say, “Housing demand is robust but supply is not, and this imbalance will inevitably harm affordability and hinder ownership opportunities. To assure broad gains in homeownership, more new homes need to be constructed.”