Last Update: 20-Sep-18 10:46 ET
Existing Home Sales
- Existing home sales were unchanged month-over-month in August at a seasonally adjusted annual rate of 5.34 million (Briefing.com consensus 5.37 million).
- Total sales were 1.5% lower than the same period a year ago.
- The median existing home price for all housing types increased 4.6% to $264,800, making for the 78th straight month of year-over-year gains. The median existing single-family home price was $267,300, up 4.9% from a year ago.
- Median home prices by region: Northeast (+2.6% to $292,800); Midwest (+3.4% to $208,500); South (+3.2% to $227,900); and West (+4.8% to $392,900)
- Existing home sales across regions: Northeast (+7.6%); Midwest (+2.4%); South (-0.4%); and West (-5.9%)
- Single-family home sales were unchanged month-over-month at a seasonally adjusted annual rate of 4.75 million and were 1.0% below the year-ago sales pace.
- The inventory of homes for sale at the end of August was unchanged at 1.92 million. The inventory was up 2.7% from a year ago.
- Unsold inventory remained at a 4.3-month supply for the third straight month. This is below the 6.0-month supply typically associated with a more balanced market.
- 52% of homes sold in August were on the market for less than a month.
- First-time buyers made up 31% of sales in August, down from 32% last month and the same as a year ago.
- All-cash sales made up 20% of transactions in August, unchanged from July and a year ago.
- The key takeaway from the report is that inventory is stabilizing, implying that there could be some moderation in the pace of price increases that could help drive increased buying interest (and perhaps added listing interest).
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