In August, three of the four major regions of the country saw a rise in existing home sales, with the West region recording a decline.
Overall, another good month for the housing market. Sales and median price were up, but inventory was down. Inventory continues to be a concern for the overall health and balance of the housing sector.
Existing home sales numbers for August 2019
- EHS +1.3% vs July 2019
- EHS +2.6% vs August 2018
- SAAR: 5.49M
- Median Price: $278,200 (+4.7% YoY)
- 90th consecutive month of YoY price increases
- Unsold Inventory: 4.1 months (down from 4.3 YoY)
- Homes sold <1 month: 49%
- First-time buyers: 31% (flat)
NAR’s chief economist, Lawrence Yun:
As expected, buyers are finding it hard to resist the current rates. The desire to take advantage of these promising conditions is leading more buyers to the market. Sales are up, but inventory numbers remain low and are thereby pushing up home prices. Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income.”
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Existing-Home Sales Increase 1.3% in August | www.nar.realtor