August 2024
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage
rates and rising supply helped boost market activity. According to the National
Association of REALTORS® (NAR), sales of previously owned homes rose 1.3%
month-over-month to a seasonally adjusted annual rate of 3.95 million units,
exceeding economists’ expectations and ending the downward trend of recent
months.
New Listings were up 11.2 percent to 1,581. Pending Sales increased 14.9 percent
to 1,217. Inventory grew 43.8 percent to 2,912 units.
Prices moved higher as Median Sales Price was up 1.6 percent to $279,258. Days
on Market increased 21.2 percent to 40 days, the eleventh consecutive month of
year-over-year gains. Months Supply of Inventory was up 42.1 percent to 2.7
months, the eleventh consecutive month of year-over-year gains.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33
million units heading into August, for a 4.0-month supply at the current sales pace,
NAR data shows. Although inventory is up nearly 20% compared to the same time
last year, demand continues to outpace supply, putting upward pressure on sales
prices. According to NAR, the nationwide median existing-home price rose 4.2%
year-over-year to $422,600 at last measure, marking the 13th consecutive month of
annual price increases.
Information courtesy of CMLS*
