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Existing home sales dip in August to a 3.98 million pace
Inventory climbed to 1.62 million units, lifting months of supply to 4.9 and pushing median prices up to $429,100.
Existing home sales fell 2% month over month in August to a seasonally adjusted annual rate of 3.98 million, according to data released Thursday by the National Association of Realtors, with sales down 1.2% year over year.
Inventory rose to 1.62 million units, and months of supply increased to 4.9, the highest level in more than 10 years, while the median existing home price climbed 1.6% to $429,100.
HousingWire notes NAR pointed to the tug of war between mortgage rates and demand, with Lawrence Yun saying mortgage rates and home sales tend to move in opposite directions even as wage growth and job creation support buying interest.
The report also cited signs of softening pressure, including a weekly uptick in single-family sales for the week ending Sept. 4, pending home sales down 2.8% week over week, and 42.1% of properties experiencing price reductions, above the normal 30% to 35% range.