The National Association of Realtors is reporting that existing home sales were down 0.4% in August to a seasonally-adjusted annual rate of 4.8 million (down 19.9% year over year). Total housing inventory at the end of August was 1,280,000 units, down 1.5% from July and unchanged from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 16 days. The median existing-home price for all housing types in July was $389,500, up 7.7% from one year ago.
“The softness in home sales reflects this year’s escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago.”
“Inventory will remain tight in the coming months and even for the next couple of years…Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years…” Said Lawrence Yun, the NAR’s Chief Economist.