Key Points:
- August existing-home sales posted a 2% decline from July, the biggest monthly decline since April.
- Sales last month also slid 1.5% from a year earlier, the first year-over-year decrease since June 2020.
- Recent home sales have hovered between about 5.8 million and 6 million, a noticeable pullback from the recent peak of 6.73 million in October, which was the highest level since 2006.
- The typical home sold in August was on the market for 17 days, unchanged from the prior month.
- The Right Facts will continue to monitor home sales.