Existing Home Sales Fell in August

Existing home sales, reported by the National Association of Realtors, soften further in August. Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined to a seasonally adjusted annual rate of 5.33 million units from a downwardly revised 5.38 million units in July. Existing single family sales fell to a seasonally adjusted annual rate of 4.7 million units, from 4.81 million in July. Despite the monthly volatility existing single family sales have trended upward over the past six years. They now may be leveling off.

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Total housing inventory fell to a seasonally adjusted annual rate of 1.89 million at the end of August. The median existing home price for all housing types increased to $230.4 thousand in August. Despite the low mortgage rates higher home prices and tight inventory for sale together contributed to the decrease in existing home sales.

Existing home sales decreased in all regions except the Northeast region. In the Northeast, existing home sales rose to a seasonally adjusted annual rate of 0.7 million units from 0.66 million in July. In the Midwest, South, and West, existing home sales decreased to a seasonally adjusted annual rate of 1.27 million, 2.16 million, and 1.2 million, respectively.

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