National sales of existing homes remained flat in August, holding steady at a seasonally adjusted rate of 5.34 million, according to the National Association of Realtors.
The rate follows four consecutive months of decline and remains 1.5 percent below the August 2017 sales rate.
The rate was bolstered by increases recorded in the Northeast and Midwest, which grew 7.6 percent and 2.4 percent, respectively, balancing out declines in the West and South, which fell 5.9 percent and 0.4 percent, respectively.
“With inventory stabilizing and modestly rising, buyers appear ready to step back into the market,” stated NAR Chief Economist Lawrence Yun.
Demand for housing continues to be perceived by realtors across the country, continued Yun, but the low inventory has continued to cause price hikes, pushing first-time home buyers out of the market.
The median price for existing homes for all housing types was $264,800 in August, a 4.6 percent increase compared with August 2017.
