Existing-home sales in August, following three months of gains, decreased 4.8 percent to a seasonally adjusted annual rate of 5.31 million units from July’s rate of 5.58 million, according to the National Association of Realtors.
Despite the decline, sales have increased year-over-year for 11 consecutive months and are 6.2 percent above the rate last August.
“Sales activity was down in many parts of the country last month—especially in the South and West—as the persistent summer theme of tight inventory levels likely deterred some buyers,” said Lawrence Yun, NAR chief economist, in a statement. “The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.”
Single-family home sales declined 5.3 percent to a seasonally adjusted annual rate of 4.69 million in August from 4.95 million in July, but are 6.1 percent higher than the 4.42 million recorded in August last year.
The median existing-home price for all housing types in August was $228,700, a 4.7 percent increase year-over-year and the 42nd consecutive month of year-over-year home price gains.
Total housing inventory at the end of August increased 1.3 percent to 2.29 million existing homes available for sale. Inventory is 1.7 percent lower than a year ago.
