Existing US Home Sales Decline in August

On Thursday, the National Association of Realtors® (NAR) reported (9-21-23) that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 0.7% month-over-month decline in August to a seasonally adjusted rate of 4.04 million homes. Year-over-year, sales are down 15.3% (from 4.77 million in August 2022).

At the end of August, total housing inventory registered was 1.1 million units, down 0.9% from July and down 14.1% from one year ago (1.28 million in August 2022). Unsold inventory was at a 3.3-month supply at the current sales pace, unchanged from July and up from 3.2 months in August 2022.

The median existing home price for all housing types in August was $407,100, an increase of 3.9% from August 2022 ($391,700). Prices increased in all four regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 20 days in August, unchanged from July and up 16 days from August 2022. Seventy-two percent of homes sold in August were on the market for less than a month.