The National Association of Realtors is reporting that existing home sales were down 2% in August to a seasonally-adjusted annual rate of 5.88 million (down 1.5% from one year ago). Total housing inventory at the end of August was 1.29 million units, down 13.4% from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $363,800, up 15.6% from August, 2020.
Once again, the NAR’s says inventory (or lack thereof) is rearing its ugly head with high home prices making for an unbalanced market:
“Sales slipped a bit in August as prices rose nationwide…Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory.” Said Lawrence Yun, NAR’s chief economist.