National existing-home sales had another tough month in August, though not as bad as California, with word that sales were down 0.7 percent. According to the National Association of Realtors, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines while the nation saw year-over-year sales fall 15.3 percent.
The median existing-home sales price climbed 3.9 percent from one year ago to $407,100; the third consecutive month the median sales price surpassed $400K.
“Home sales have been stable for several months, neither rising nor falling in any meaningful way,” said NAR Chief Economist Lawrence Yun. “Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run. The South had a lighter decline in sales from a year ago due to greater regional job growth since coming out of the pandemic lockdown.”
Total housing inventory registered at the end of August was 1.1 million units, down 0.9 percent from July and 14.1 percent from one year ago. Unsold inventory sits at a 3.3-month supply at the current sales pace, identical to July and up from 3.2 months in August 2022.
Existing condo and co-op sales recorded a seasonally adjusted annual rate of 440,000 units in August, up 4.8 percent from July but down 15.4 percent from one year ago. The median existing condo price was $354,600 in August, up 6.2 percent from the prior year.