Key Points:
- Existing-home sales fell for the seventh straight month to a seasonally adjusted annual rate of 4.80 million.
- Existing-home sales fell 0.4% in August from July and 19.9% from one year ago.
- Consensus among economists was a 0.2% drop.
- The median existing-home sales price climbed 7.7% from one year ago to $389,500, but is down from June’s record high of $413,800.
- This marks 126 consecutive months of year-over-year increases, the longest-running streak on record.
- First-time buyers were responsible for 29% of sales in August, consistent with July 2022 and August 2021.
- The Right Facts will continue to monitor home sales.