The National Association of Realtors are reporting that existing home sales eased up in August for the second consecutive month despite mortgage rates near record lows. The Realtors say that higher home prices and not enough inventory are behind the decline of 0.9% – representing an annual rate of 5.33 million homes. The median existing price for all housing types in August was $240,200, up 5.1% from one year ago. August’s price increase also marks the 54th consecutive month of year-over-year gains.
“Hopes of a meaningful sales breakthrough as a result of this summer’s historically low mortgage rates failed to materialize because supply and affordability restrictions continue to keep too many would-be buyers on the sidelines.” Said NAR’s chief economist Lawrence Yun.
