New Home Sales During July, 2024

The July, 2024 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Previous Month (revised): 668,000

• Actual New Home Sales: 739,000

------------------------------------------------------

• Change from 1 Month Previous: +71,000 units (+10.63%)
  
  
• Change from 1 Year Previous: +39,000 units (+5.57%)

------------------------------------------------------

Median Price for a New Home
During July, 2024: $429,800
 

***************************

Average Price for a New Home
During July, 2024: $514,800

------------------------------------------------------

Inventory: 462,000 (7.5 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

CHART: New Home Sales
JULY, 2024 Update

================================

• Click Here for Historical Prices and a Price Chart.
  
  
• Click Here for Existing Home Sales Prices and a Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================ 

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Existing Home Sales During July 2024

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

======================

Previous Month: 3,900,000

• Actual: 3,950,000

======================

•  Change from Previous Month: +1.28% (+50,000 homes)
  
  
•  Change from A Year Ago: -2.47% (-100,000 homes)

==========

Inventory: 1,330,000 (4.0 months supply.)

==========

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.

------------------------------------------------------

• Median Price: $422,600
  
  
• Price Change from A Year Ago: +4.19% (+$17,000)

------------------------------------------------------ 

==========

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

==========

From Today's Report:

"..."Despite the modest gain, home sales are still sluggish," said NAR Chief Economist Lawrence Yun. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."..."

==================

INFOGRAPHIC: Existing Home Sales
JULY UPDATE

==================

• Click here to view the NAR data.

==================

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New Home Sales During June, 2024

The June, 2024 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Previous Month (revised): 621,000

• Actual New Home Sales: 617,000

------------------------------------------------------

• Change from 1 Month Previous: -4,000 units (-0.644%)
  
  
• Change from 1 Year Previous: -49,000 units (-7.36%)

------------------------------------------------------

Median Price for a New Home
During June, 2024: $417,300
 

***************************

Average Price for a New Home
During June, 2024: $487,200

------------------------------------------------------

Inventory: 480,000 (9.1 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

CHART: New Home Sales
June, 2024 Update

================================

• Click Here for Historical Prices and a Price Chart.
  
  
• Click Here for Existing Home Sales Prices and a Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================ 

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Existing Home Sales During June 2024

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

======================

Previous Month: 4,110,000

• Actual: 3,890,000

======================

•  Change from Previous Month: -5.35% (-220,000 homes)
  
  
•  Change from A Year Ago: -5.35% (-220,000 homes)

==========

Inventory: 1,320,000 (4.1 months supply.)

==========

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.

------------------------------------------------------

• Median Price: $426,900
  
  
• Price Change from A Year Ago: +4.097% (+$16,800)

------------------------------------------------------ 

==========

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

==========

From Today's Report:

"...Existing-home sales fell in June as the median sales price climbed to the highest price ever recorded for the second consecutive month, according to the National Association of REALTORS®. All four major U.S. regions posted sales declines. Year-over-year, sales waned in the Northeast, Midwest and South but were unchanged in the West.

'We're seeing a slow shift from a seller's market to a buyer's market,' said NAR Chief Economist Lawrence Yun. 'Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.'

Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million). Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a four-month supply was May 2020 (4.5 months.)

The median existing-home price for all housing types in June was $426,900, an all-time high and an increase of 4.1% from one year ago ($410,100). All four U.S. regions registered price gains.

'Even as the median home price reached a new record high, further large accelerations are unlikely,' Yun added. 'Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.'..."

==================

INFOGRAPHIC: Existing Home Sales
JUNE UPDATE

==================

• Click here to view the NAR data.

==================

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New Home Sales During April, 2024

The April, 2024 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Previous Month (revised): 665,000

• Actual New Home Sales: 634,000

------------------------------------------------------

• Change from 1 Month Previous: -31,000 units (-4.66%)
  
  
• Change from 1 Year Previous: -53,000 units (-7.71%)

------------------------------------------------------

Median Price for a New Home
During April, 2024: $433,500
 

***************************

Average Price for a New Home
During April, 2024: $505,700

------------------------------------------------------

Inventory: 480,000 (9.1 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

CHART: New Home Sales
April, 2024 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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Existing Home Sales During April 2024

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

======================

Previous Month: 4,220,000

• Actual: 4,140,000

======================

•  Change from Previous Month: -1.9% (-80,000 homes)
  
  
•  Change from A Year Ago: -1.9% (-80,000 homes)

==========

Inventory: 1,210,000 (3.5 months supply.)

==========

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.

------------------------------------------------------

• Median Price: $407,600
  
  
• Price Change from A Year Ago: +5.65% (+$21,800)

------------------------------------------------------ 

==========

• Click here for historical prices and a chart.

==========

From Today's Report:

"...According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That's down from 7.09% the previous week but up from 6.39% one year ago..."

==================

 

INFOGRAPHIC: Existing Home Sales
APRIL 2024 UPDATE

==================

• Click here to view the NAR data.

==================

 

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New Home Sales During January, 2024

The January, 2024 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Previous Month (revised): 651,000

• Actual New Home Sales: 661,000

------------------------------------------------------

• Change from 1 Month Previous: +10,000 units (+1.54%)
  
  
• Change from 1 Year Previous: +12,000 units (+1.85%)

------------------------------------------------------

Median Price for a New Home
During January, 2024: $420,700
 

***************************

Average Price for a New Home
During January, 2024: $534,300

------------------------------------------------------

Inventory: 456,000 (8.3 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

CHART: New Home Sales
January, 2024 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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New Home Sales During September 2023

The September 2023 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Previous Month (revised): 676,000

• Actual New Home Sales: 759,000

------------------------------------------------------

• Change from 1 Month Previous: +83,000 units (+12.28%)
  
  
• Change from 1 Year Previous: +192,000 units (+33.86%)

------------------------------------------------------

Median Price for a New Home
During September 2023: $418,800 
 

***************************

Average Price for a New Home
During September 2023: $503,900

------------------------------------------------------

Inventory: 435,000 (6.9 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

CHART: New Home Sales
September 2023 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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New Home Sales During July 2023

The July 2023 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Previous Month (revised): 684,000

• Actual New Home Sales: 714,000

------------------------------------------------------

• Change from 1 Month Previous: +30,000 units (+4.39%)
  
  
• Change from 1 Year Previous: +171,000 units (+31.49%)

------------------------------------------------------

Median Price for a New Home
During July 2023: $436,700 
 

***************************

Average Price for a New Home
During July 2023: $513,000

------------------------------------------------------

Inventory: 437,000 (7.3 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

CHART: New Home Sales
July 2023 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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Existing Home Sales During July 2023

The Existing Home Sales report for July 2023 was released by The National Association of Realtors® (NAR®) this morning:

======================

Previous Month: 4,160,000

• Actual: 4,070,000

======================

•  Change from Previous Month: -2.16% (-9,000 homes)
  
  
•  Change from A Year Ago: -16.6% (-81,000 homes)

==========

Inventory: 1,110,000 (3.3 months supply.)

==========

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.

------------------------------------------------------

• Median Price: $406,700
  
  
• Price Change from A Year Ago: +1.93% (+$7,000)

------------------------------------------------------ 

==========

• Click here for historical prices and a chart.

==========

From Today's Report:

"...'Two factors are driving current sales activity – inventory availability and mortgage rates,' said NAR Chief Economist Lawrence Yun. 'Unfortunately, both have been unfavorable to buyers.'

'Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines,' Yun said. 'However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates.'

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago..."

==================

• Click here to view the NAR data.

==================

INFOGRAPHIC: Existing Home Sales
July 2023 UPDATE

==================





==================

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New Home Sales During June 2023

The June 2023 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Predicted: 710,000

• Actual New Home Sales: 697,000

------------------------------------------------------

• Change from 1 Month Previous: -18,000 units (-2.517%)
  
  
• Change from 1 Year Previous: +134,000 units (+23.801%)

------------------------------------------------------

Median Price for a New Home
During June 2023: $415,400 
 

***************************

Average Price for a New Home
During June 2023: $494,700

------------------------------------------------------

Inventory: 432,000 (7.4 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

 

CHART: New Home Sales
June 2023 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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New Home Sales During May 2023

The May 2023 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Predicted: 700,000

• Actual New Home Sales: 763,000

------------------------------------------------------

• Change from One Month Previous: +83,000 units (+12.206%)
  
  
• Change from One Year Previous: +127,000 units (+19.97%)

------------------------------------------------------

Median Price for a New Home
During May 2023: $416,300 
 

***************************

Average Price for a New Home
During May 2023: $487,300

------------------------------------------------------

Inventory: 428,000 (6.7 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

 

CHART: New Home Sales
May 2023 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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Chicago Fed National Activity Index (CFNAI) for April 2023

Federal Reserve Bank of Chicago released its National Activity Index (CFNAI) for April 2023:

==================

Predicted: -0.20

• Actual (CFNAI): +0.07

==================

• Previous Month (revised): -0.37

• 3-Month Moving Average (CFNAI-MA3): -0.22
  

==================

The CFNAI is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data:

• Production and income;
• Employment, unemployment, and hours;
• Personal consumption and housing; and
• Sales, orders, and inventories.

The "predicted" figure is what economists were expecting, while the yellow-highlighted figure is what was reported.

==================

 

 CHART: CFNAI-MA3 with Inflation Cycles
April 2023 Update

====================

Understanding The CFNAI:

A zero value for the monthly index has been associated with the national economy expanding at its historical trend (average) rate of growth; negative values with below-average growth (in standard deviation units); and positive values with above-average growth.

Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above -0.70 and the CFNAI Diffusion Index above -0.35. Conversely, periods of economic contraction have historically been associated with values of the CFNAI-MA3 below -0.70 and the CFNAI Diffusion Index below -0.35.

An increasing likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +0.70 more than two years into an economic expansion. Similarly, a substantial likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +1.00 more than two years into an economic expansion.

==================

• Click here to view the full Chicago Fed report

• Click here for The List of 85 Existing Monthly Indicators
  

==================

 

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Housing Starts During April 2023

The U.S. Commerce Department this morning released its Housing Starts report for April 2023:

---------------------------------------------------

Housing Starts:
Predicted: 1,400,000
Actual: 1,401,000

Change From Previous Month: +2.19% (+30,000 New Units)

• Change From One Year Previous: -22.3% (-402,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,400,000
Actual: 1,416,000

Change From Previous Month: -1.46% (-21,000 New Permits)

• Change From One Year Previous: -21.11%  (-379,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
+ Building Permits
+ Completions
 April 2023 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During November 2022

The U.S. Commerce Department this morning released its Housing Starts report for November 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,500,000
Actual: 1,427,000

Change From Previous Month: -0.49% (-7,000 New Units)

• Change From One Year Previous: -16.35% (-279,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,400,000
Actual: 1,342,000

Change From Previous Month: -11.24% (-170,000 New Permits)

• Change From One Year Previous: -22.38%  (-387,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
+ Building Permits
+ Completions
November 2022 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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New Home Sales During September 2022

The September 2022 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Predicted: 600,000

• Actual New Home Sales: 603,000

------------------------------------------------------

• Change from One Month Previous: -74,000 units (-10.93%)
  
  
• Change from One Year Previous: -129,000 units (-17.62%)

------------------------------------------------------

Median Price for a New Home
During September 2022: $470,600 
 

***************************

Average Price for a New Home
During September 2022: $517,700

------------------------------------------------------

Inventory: 462,000 (9.2 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

 

CHART: New Home Sales
September 2022 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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New Home Sales During August 2022

The August 2022 New Home Sales report was released by the Commerce Department this morning:

------------------------------------------------------

Predicted: 550,000

• Actual New Home Sales: 685,000

------------------------------------------------------

• Change from One Month Previous: +153,000 units (+28.76%)
  
  
• Change from One Year Previous: -1,000 units (-0.146%)

------------------------------------------------------

Median Price for a New Home
During August 2022: $436,800 
 

***************************

Average Price for a New Home
During August 2022: $521,800

------------------------------------------------------

Inventory: 461,000 (8.1 months supply at current sales rate; seasonally‐adjusted estimate.)

------------------------------------------------------

================================

 

CHART: New Home Sales
August 2022 Update

================================

• Click Here for Historical Prices and a Price Chart.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.


================================

• Click here to view the full Commerce Department report (PDF)
  
  

================================

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Existing Home Sales During August 2022

The Existing Home Sales report for August 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 4,800,000

• Actual: 4,800,000

==========

•  Change from Previous Month: -0.415% (-20,000 homes)
  
  
•  Change from A Year Ago: -19.87% (-1,190,000 homes)

==========

Inventory: 1,280,000 (3.2 months supply.)

==========

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.

------------------------------------------------------

• Median Price: $389,500
  
  
• Price Change from A Year Ago: +7.75% (+$28,000)

------------------------------------------------------ 

==========

• Click here for historical prices and a chart.

==========

From Today's Report:

"...'The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve's interest rate policy changes,' said NAR Chief Economist Lawrence Yun. 'The softness in home sales reflects this year's escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago.'


'Inventory will remain tight in the coming months and even for the next couple of years,' Yun added. 'Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply.'


The median existing-home price for all housing types in August was $389,500, a 7.7% jump from August 2021 ($361,500), as prices ascended in all regions. This marks 126 consecutive months of year-over-year increases, the longest-running streak on record. However, it was the second month in a row that the median sales price retracted after reaching a record high of $413,800 in June, the usual seasonal trend of prices declining after peaking in the early summer.


Properties typically remained on the market for 16 days in August, up from 14 days in July and down from 17 days in August 2021. Eighty-one percent of homes sold in August 2022 were on the market for less than a month..."

==================

• Click here to view the NAR data.

==================

 

INFOGRAPHIC: Existing Home Sales
August 2022 UPDATE

 

==================

 

 

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