Existing Home Sales Fall Slightly In August | Wood Floor Business

Existing Home Sales Fall Slightly In August

Existing home sales dropped 0.4% in August to a seasonally adjusted annual rate of 4.80 million, the National Association of Realtors announced. It was the seventh consecutive month of declines in existing home sales. Compared with August 2021, existing home sales were down 19.9%.

“The softness in home sales reflects this year’s escalating mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement. “Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago.”

The median existing home price jumped 7.7% year-over-year to $389,500.

Regionally, month-over-month existing home sales increased 1.6% in the Northeast and 1.1% in the West, while remaining unchanged in the South. Existing home sales declined 3.3% in the Midwest.

Total housing inventory declined 1.5% from July and was unchanged compared with August 2021.

The full NAR report can be found here.

Resource Book
Looking for a specific product or a company? Wood Floor Business has the only comprehensive database of the industry.
Learn More
Resource Book
Podcasts
All Things Wood Floor, created by Wood Floor Business magazine, talks to interesting wood flooring pros to share knowledge, stories and tips on everything to do with wood flooring, from installation, sanding and finishing to business management.
Learn More
Podcasts