{"id":5820,"date":"2023-09-21T15:43:03","date_gmt":"2023-09-21T15:43:03","guid":{"rendered":"https:\/\/realestateagentmagazine.com\/?p=5820"},"modified":"2023-09-21T15:43:03","modified_gmt":"2023-09-21T15:43:03","slug":"existing-home-sales-decreased-0-7-in-august","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/existing-home-sales-decreased-0-7-in-august","title":{"rendered":"Existing-Home Sales Decreased 0.7% in August"},"content":{"rendered":"<p><strong><u>Key Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>Existing-home sales retreated 0.7% in August to a seasonally adjusted annual rate of 4.04 million. Sales dropped 15.3% from one year ago.<\/li>\n<li>The median existing-home sales price climbed 3.9% from one year ago to $407,100 \u2013 the third consecutive month the median sales price surpassed $400,000.<\/li>\n<li>The inventory of unsold existing homes dipped 0.9% from the prior month to 1.1 million at the end of August, or the equivalent of 3.3 months\u2019 supply at the current monthly sales pace.<\/li>\n<\/ul>\n<p>WASHINGTON, D.C.\u2014Existing-home sales moved lower in August, according to the National Association of Realtors<sup>\u00ae<\/sup>. Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines.<\/p>\n<p>Total\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl9Mu29OECpf-2FOakHhS8jdcKQe5UqG3QgEeHh1QBCPGGJtAcWLxKuqEB-2BFUUCiLNlFQ-3D-3Dvk9E_O3XWFiAdWrzzrOIt72qAuCgb2gwv2durdp8VbkN448X9Qa8F1LCFDIOEDj1FG-2BkmbSPj63yg2F6EoCy-2BDJgQI1K6C21jA1t8ZAflex5-2Fkyb9bDzDnPPAiKoAREYhD2SbB9np7Key-2BjeIRoJn0NU8KHNry5myBCDZeCIB3UW-2BH7OoO3-2F8v426clLUHLTHLAganRLjRPQfBwKB6BHnX8WNlOfQSn5Tm9wiBcgnPzvQHcXG57jME9m3g7F1BLx59sTp-2B-2BFyHo4JjzbUdT-2FDZRG4cuDDjjJztPRHtLi6Fbf09vBTHVllUzs8XyN5HKx8g-2FqQVCMrILEKR0fuSNiTw4FMX2Z8oROoBNaOQPW7OIiX-2BHwvteG1FY20np5meqMxUZynpMJMOpqxLYW3kQNRFQK6vYQHdg5qg5FGG58Tfxl91YI-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"1\"><strong>existing-home sales<\/strong><\/a><a name=\"x__ednref1\"><\/a><a href=\"https:\/\/outlook.office.com\/mail\/inbox\/id\/AAQkAGNmYzE2N2Y1LTg0Y2YtNGNkYi05NDNmLTk2Zjc5MDllNTA4ZAAQAPjWETrTuwdGumzHJCQLDpU%3D#_edn1\" target=\"_blank\" rel=\"nofollow noopener\" data-linkindex=\"2\"><sup>[1]<\/sup><\/a>\u00a0\u2013 completed transactions that include single-family homes, townhomes, condominiums and co-ops \u2013 slid 0.7% from July to a seasonally adjusted annual rate of 4.04 million in August. Year-over-year, sales fell 15.3% (down from 4.77 million in August 2022).<\/p>\n<p>\u201cHome sales have been stable for several months, neither rising nor falling in any meaningful way,\u201d said NAR Chief Economist Lawrence Yun. \u201cMortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run. The South had a lighter decline in sales from a year ago due to greater regional job growth since coming out of the pandemic lockdown.\u201d<\/p>\n<p><a name=\"x__Hlk51598590\"><\/a>Total housing inventory<a name=\"x__ednref2\"><\/a><a href=\"https:\/\/outlook.office.com\/mail\/inbox\/id\/AAQkAGNmYzE2N2Y1LTg0Y2YtNGNkYi05NDNmLTk2Zjc5MDllNTA4ZAAQAPjWETrTuwdGumzHJCQLDpU%3D#_edn2\" target=\"_blank\" rel=\"nofollow noopener\" data-linkindex=\"3\"><sup>[2]<\/sup><\/a>\u00a0registered at the end of August was 1.1 million units, down 0.9% from July and 14.1% from one year ago (1.28 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, identical to July and up from 3.2 months in August 2022.<\/p>\n<p>The median existing-home price<a name=\"x__ednref3\"><\/a><a href=\"https:\/\/outlook.office.com\/mail\/inbox\/id\/AAQkAGNmYzE2N2Y1LTg0Y2YtNGNkYi05NDNmLTk2Zjc5MDllNTA4ZAAQAPjWETrTuwdGumzHJCQLDpU%3D#_edn3\" target=\"_blank\" rel=\"nofollow noopener\" data-linkindex=\"4\"><sup>[3]<\/sup><\/a>\u00a0<a name=\"x__Hlk75051067\"><\/a>for all housing types in August was $407,100, an increase of 3.9% from August 2022 ($391,700). All four U.S. regions posted price increases.<\/p>\n<p>\u201cHome prices continue to march higher despite lower home sales,\u201d Yun said. \u201cSupply needs to essentially double to moderate home price gains.\u201d<\/p>\n<p><a name=\"x__Hlk101274943\"><\/a><strong>REALTORS<sup>\u00ae<\/sup>\u00a0Confidence Index<\/strong><\/p>\n<p>According to the\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl9Mu29OECpf-2FOakHhS8jdcJAh0yV5iaUaJ8JWX5DEgCGUgnQ24gzvUPczAlHtwxeCRrvGc7y9JOs8CAejdWtivU7-2F2jtxk9KR4M05V4amehHVF4z2MCw8KWt4h-2BCDZvpaQ-3D-3D0TpP_O3XWFiAdWrzzrOIt72qAuCgb2gwv2durdp8VbkN448X9Qa8F1LCFDIOEDj1FG-2BkmbSPj63yg2F6EoCy-2BDJgQI1K6C21jA1t8ZAflex5-2Fkyb9bDzDnPPAiKoAREYhD2SbB9np7Key-2BjeIRoJn0NU8KHNry5myBCDZeCIB3UW-2BH7OoO3-2F8v426clLUHLTHLAganRLjRPQfBwKB6BHnX8WNlOfQSn5Tm9wiBcgnPzvQHcUMcjnTcfqTnbUrjKcYyHg10-2Ff83KGQ5Isr7ZfL311CJ0TJ-2BloemZzeypq8mheorwTb-2FALWEj5BL-2BxD20uObiGh3T9HAh19IAa3ZtaVJkXaU8V9e7qHW-2FQne8-2Fs3wkX0GpqTiXtkxd1bU0K1OzMwad7xPlULLiZaew45-2BLDn64A2vVuF80hpVxV0URTG9qkVYc-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"5\">REALTORS<sup>\u00ae<\/sup>\u00a0Confidence Index<\/a>, properties typically remained on the market for 20 days in August, unchanged from July and up from 16 days in August 2022. Seventy-two percent of homes sold in August were on the market for less than a month.<\/p>\n<p>First-time buyers were responsible for 29% of sales in August, down from 30% in July and identical to August 2022. NAR\u2019s\u00a02022\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl9Mu29OECpf-2FOakHhS8jdcJAh0yV5iaUaJ8JWX5DEgCGUgnQ24gzvUPczAlHtwxeCePfXu1wngfLyzIouRt1ll0y-2BSwGouJuhiMBwew39ZVECLr-2BKBrnEUYpy4K3KQOkonIqlup-2Bp03yvqEhIsxaNkkzQ4NUA1tNA65X1jvd-2BP6xSpEa_O3XWFiAdWrzzrOIt72qAuCgb2gwv2durdp8VbkN448X9Qa8F1LCFDIOEDj1FG-2BkmbSPj63yg2F6EoCy-2BDJgQI1K6C21jA1t8ZAflex5-2Fkyb9bDzDnPPAiKoAREYhD2SbB9np7Key-2BjeIRoJn0NU8KHNry5myBCDZeCIB3UW-2BH7OoO3-2F8v426clLUHLTHLAganRLjRPQfBwKB6BHnX8WNlOfQSn5Tm9wiBcgnPzvQHcVv-2FWEsRgvLBt9DMrnk0Zx2t4vQxZ9YTShjXqk5q9q-2BCOGl626liuvstofLUV8cvVM8QmkL2TkgZFYPNmdAu0GboFj0PfPLCl9kLF-2F7PD51lvjoChXMfEJ91peVQSoXEb4W79jsCxcjPoReWf3p0Q2HiOn9yuuwBgXwewql5LfAv51UJ9-2FtffuTVdwsweBop44-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"6\"><em>Profile of Home Buyers and Sellers<\/em><\/a>\u00a0<a name=\"x__Hlk117002294\"><\/a>\u2013\u00a0released in November 2022<a name=\"x__ednref4\"><\/a><a href=\"https:\/\/outlook.office.com\/mail\/inbox\/id\/AAQkAGNmYzE2N2Y1LTg0Y2YtNGNkYi05NDNmLTk2Zjc5MDllNTA4ZAAQAPjWETrTuwdGumzHJCQLDpU%3D#_edn4\" data-linkindex=\"7\" target=\"_blank\" rel=\"noopener\"><sup>[4]<\/sup><\/a>\u00a0\u2013 found\u00a0that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.<\/p>\n<p>All-cash sales accounted for 27% of transactions in August, up from 26% in July and 24% in August 2022.<\/p>\n<p>Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in August, the same share as in July and one year ago.<\/p>\n<p><a name=\"x__Hlk111552684\"><\/a>Distressed sales<a name=\"x__ednref5\"><\/a><a href=\"https:\/\/outlook.office.com\/mail\/inbox\/id\/AAQkAGNmYzE2N2Y1LTg0Y2YtNGNkYi05NDNmLTk2Zjc5MDllNTA4ZAAQAPjWETrTuwdGumzHJCQLDpU%3D#_edn5\" data-linkindex=\"8\" target=\"_blank\" rel=\"noopener\"><sup>[5]<\/sup><\/a>\u00a0\u2013 foreclosures and short sales \u2013 represented 1% of sales in August, unchanged from last month and the previous year.<\/p>\n<h2><strong>Mortgage Rates<\/strong><\/h2>\n<p>According to Freddie Mac, the\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl9IezIQUeTr1c2cJ-2FBSQ08WZlqpA4pJ5poRgdb0CDf7l65I4_O3XWFiAdWrzzrOIt72qAuCgb2gwv2durdp8VbkN448X9Qa8F1LCFDIOEDj1FG-2BkmbSPj63yg2F6EoCy-2BDJgQI1K6C21jA1t8ZAflex5-2Fkyb9bDzDnPPAiKoAREYhD2SbB9np7Key-2BjeIRoJn0NU8KHNry5myBCDZeCIB3UW-2BH7OoO3-2F8v426clLUHLTHLAganRLjRPQfBwKB6BHnX8WNlOfQSn5Tm9wiBcgnPzvQHcUhRSaPh8acX9uzMbL90OgaPg87aQ2ybPdTOfZSinyEdS7xTn42dkgxtrokuxUsWSI5-2FMk4Wobnlh0uRQYEY9gctMozPB6IuJJQGwO8ehzR7E3V-2FOx1N-2FHJZGmRwJYjIqgEkX-2FYO27h9S5HCWYkXdGMFn3mMT-2F9Kr6pPXiMOLhlbvNNjEqYJmjRmqDqoqHUi0s-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"9\">30-year fixed-rate mortgage<\/a>\u00a0averaged 7.18% as of September 14. That\u2019s up from 7.12% the prior week and 6.02% one year ago.<\/p>\n<h2><strong>Single-family and Condo\/Co-op Sales<\/strong><\/h2>\n<p>Single-family home sales waned to a seasonally adjusted annual rate of 3.60 million in August, down 1.4% from 3.65 million in July and 15.3% from the previous year. The median existing single-family home price was $413,500 in August, up 3.7% from August 2022.<\/p>\n<p>Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 440,000 units in August, up 4.8% from July but down 15.4% from one year ago. The median existing condo price was $354,600 in August, up 6.2% from the prior year ($333,900).<a name=\"x__Hlk83131003\"><\/a><\/p>\n<h2><strong>Regional Breakdown<\/strong><\/h2>\n<p>At an annual rate of 480,000 in August, existing-home sales in the Northeast were unchanged from July but down 22.6% from August 2022. The median price in the Northeast was $465,700, up 5.8% from one year ago.<\/p>\n<p>In the Midwest, existing-home sales increased by 1.0% from the previous month to an annual rate of 970,000 in August, down 16.4% from the prior year. The median price in the Midwest was $305,300, up 6.8% from August 2022.<\/p>\n<p>Existing-home sales in the South faded 1.1% from July to an annual rate of 1.84 million in August, a decrease of 12.4% from one year ago. The median price in the South was $366,100, up 3.2% from August 2022.<\/p>\n<p>In the West, existing-home sales slumped 2.6% from the previous month to an annual rate of 750,000 in August, down 15.7% from the prior year. The median price in the West was $609,300, up 1.0% from August 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights Existing-home sales retreated 0.7% in August to a seasonally adjusted annual rate of 4.04 million. Sales dropped 15.3% from one year ago. The median existing-home sales price climbed 3.9% from one year ago to $407,100 \u2013 the third consecutive month the median sales price surpassed $400,000. The inventory of unsold existing homes dipped [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":4987,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-5820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/5820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=5820"}],"version-history":[{"count":1,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/5820\/revisions"}],"predecessor-version":[{"id":5821,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/5820\/revisions\/5821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/4987"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=5820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=5820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=5820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}