Existing home sales declined 2.0% in August to an adjusted rate of 5.88 million, the National Association of Realtors reported. Year-over-year, existing home sales fell 1.5%.
The dip in sales follows nationwide home price increases, according to NAR. The median existing home price for all housing types grew 14.9% year-over-year to $356,700.
“Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory,” NAR Chief Economist Lawrence Yun stated.
Regionally, existing home sales fell 1.4% in the Northeast, 1.4% in the Midwest, 3.0% in the South and 0.8% in the West.
Housing inventory slipped 1.5% during the month and was down 13.4% compared with August 2020.
The full NAR report can be found here.
