Existing Home Sales During August 2024

Existing Home Sales report for August 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 3,960,000

• Actual: 3,860,000

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•  Change from Previous Month: -2.53% (-100,000 homes)
  
  
•  Change from A Year Ago: -4.22% (-170,000 homes)

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Inventory: 1,350,000 (4.2 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $416,700
  
  
• Price Change from A Year Ago: +3.09% (+$12,500)

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• Click here for historical prices and a chart.
  
  
• Click here for New Home Sales Data.

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From Today's Report:

"...'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 home-buying process, from the initial search to getting the house keys, typically takes several months.'

'The rise in inventory -- and, more technically, the accompanying months’ supply -- implies home buyers are in a much-improved position to find the right home and at more favorable prices,' Yun added. 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.'..."

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INFOGRAPHIC: Existing Home Sales
AUGUST 2024 UPDATE

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• Click here to view the NAR data.

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