EXISTING HOME SALES FELL 2.5% IN AUGUST

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Key Points:

  • Existing-home sales fell 2.5% in August from July to a seasonally adjusted annual rate of 3.86 million.
  • Existing-home sales fell 4.2% from one year ago.
  • At $416,700, the median existing-home sales price for August was the 14th consecutive month of year-over-year price increases.
  • First-time buyers were responsible for 26% of sales in August, matching the all-time low last seen in November 2021.
  • “Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said NAR Chief Economist Lawrence Yun.
  • The Right Facts will continue to monitor home sales.
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