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.