Sales Slow As Summer Season Winds Down

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New estimates from the National Association of Realtors show a dip in the number of previously owned homes sold in August compared to the month before. Total existing-home sales – including single-family homes, townhomes, condominiums, and co-ops – fell 4.8 percent from July, though they remain 6.2 percent above last year’s pace. “Sales activity was down in many parts of the country last month – especially the South and West – as the persistent summer theme of tight inventory levels likely deterred some buyers,” Lawrence Yun, NAR’s chief economist, said. “The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.” In fact, the median existing-home price for all housing types in August was $228,700, 4.7 percent above last year. Also in the report, the number of homes available for sale rose in August. Total housing inventory was up 1.3 percent at the end of the month. Rising inventory offers potential home buyers more choices, in addition to helping moderate the rate at which prices increase. More here.

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