AUGUST HOME SALES CONTINUE DECLINE, PRICES REMAIN AT RECORD HIGHS

Key Points:

  • Existing-home sales fell 0.7% in August from July to a seasonally adjusted annual rate of 4.04 million.
  • Existing-home sales fell 15.3% from one year ago.
  • The median existing-home sales price for August rose 3.9% from one year ago to $407,100.
  • This is the fifth time the monthly median sales prices eclipsed $400,000 and the third consecutive month.
  • First-time buyers were responsible for 29% of sales in August, down from 30% in July, and the same as August 2022.
  • “Home prices continue to march higher despite lower home sales,” said Lawrence Yun, NAR’s chief economist. “Supply needs to essentially double to moderate home price gains.”
  • The Right Facts will continue to monitor home sales.
Source