The National Association of Realtors recently reported that existing home sales were down 1.7% in August, which is still 0.2% higher than one year ago. First-time buyers represented 31% of sales in August, down from July but unchanged from a year ago. All-cash sales made up 20% of transactions with individual investors, who account for many cash sales, purchasing 15% of homes in August. Distressed sales (foreclosures & short sales) represented just 4% of sales. Inventory at the end of August dropped 2.1% to 1.88 million existing homes and is now 6.5% lower than one year ago. Unsold inventory is at a 4.2-month supply (at the current sales pace), down from 4.5 months one year ago.
“Market conditions continue to be stressful and challenging for both prospective first-time buyers and homeowners looking to trade up…..The ongoing rise in home prices is straining the budgets of some of these would-be buyers, and what is available for sale is moving off the market quickly because supply remains minimal in the lower- and mid-price ranges.” Said Lawrence Yun, chief economist of the National Association of Realtors.
Click here to read the full release at the National Association of Realtors.
