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In sales for the seventh straight month, sales of existing homes fell about 20 percent from the same period in 2021.
The National Association of Realtors (NAR) reported August sales of single-family homes, townhomes, condominiums, and co-ops on Wednesday 4.8 million units per year during this period.
This is 0.4% lower than July 2021 and 19.9% lower than August 2021. There are bright spots. August Decline Over the past three months, existing home sales fell an average of 4.7%.
Trading volume was also lower than expected. Analysts polled by Econoday and Trading Economics had expected 4.7 million.
Single-family home sales fell 0.9% on a seasonally adjusted annual basis to 4.28 million units, down 19.2% from a year ago.
Existing home and co-op sales rose 4.0% from July but fell 24.6% from a year earlier. “The real estate sector is the most sensitive and directly affected by changes in the Fed’s interest rate policy,” said Lawrence Yun, chief economist at NAR. “Weak home sales reflect higher mortgage rates this year.
Still, homeowners are doing well, bad sales are almost nonexistent, and home prices are higher than they were a year ago.
The inflation rate in August last year was 126 months, the longest on record. However, the price is down from the June published average of $413,800.
The median unit price for all types rose 7.7 percent to $389,500 in August. Earlier this year, that number was over 15%.
The median price of a single-family home was $39,600, up 7.6 percent from the same period last year. The median price of an existing home rose 7.8% to $333,700.
Inventories stood at 1.28, down 1.5% from the July total and unchanged from a year ago. This is now represented by 3.2 months of sales.
This is equivalent to 2.6 months in July and August 2021. Properties have been on the market for 16 days and 81% of sales in August were on the market for less than a month.
The UN completed as follows. “The mixing of the product will be provided in the next two years. for housing ”.
The first buyer represented 29%of the commercial rotation in August, and the second housing buyer bought 16%. 24% of sales are cash.
Home sales in the Northeast rose 1.6 percent in July to 630,000 units, down 13.7 percent year over year. Median income rose 1.5% to $413,200.
Sales in the Midwest fell 15.9% year-over-year to 1,160,000, down 3.3% year-over-year. The median price rose 6.6 percent to $287,900.
The annual sales rate in the southern region was 2132,000 units, unchanged from July, but down 19.3% from August 2021. The average income increased to $ 356,000, up 12.4%.
Sales of existing houses in the West varied from 1.1%to 880,000 but reached 29.0%every year. Median income rose 7.1% to $602,900.
Reference Source: Mortgage News Daily
