The National Association of Realtors is reporting that existing home sales were down 0.7% in August to a seasonally-adjusted annual rate of 4.04 million (down 15.3% year over year). Total housing inventory at the end of August was 1.1 million units, down 0.9% from July but down 14.1% from one year ago. Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 20 days. The median existing-home price for all housing types in July was $407,100, up 3.9% from one year ago.
“Home prices continue to march higher despite lower home sales…Supply needs to essentially double to moderate home price gains.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
