Existing-home sales slowed again in August as the median sales price stayed above $400,000 for the third month in a row, the National Association of REALTORS® announced.
Existing-home sales slid 0.7% from July to a seasonally adjusted annual rate of 4.04 million. Year-over-year, sales were down 15.3% from 4.77 million in August 2022.
“Home prices continue to march higher despite lower home sales,” NAR Chief Economist Lawrence Yun said in a press release. “Supply needs to essentially double to moderate home price gains.”
The 30-year fixed-rate mortgage averaged 7.18% as of Sept. 14, up from 7.12% a week before and 6.02% a year earlier, according to Freddie Mac.
Total housing inventory at the end of August was 1.11 million units, up 3.7% from July but down 14.6% on a year-over-year basis. At the current sales pace, unsold inventory represented a 3.3-month supply, the same as July and up from 3.2 months in August 2022.
Properties typically remained on the market for 20 days in August, the same as July and up from 16 in August 2022. Seventy-two percent of homes sold in August were on the market for less than a month.
By property type, single-family home sales in August slid 1.4% month over month to an annual rate of 3.6 million. The median existing single-family home price was $413,500, up 3.7% on a year-over-year basis.
Existing condominium and co-op sales rose 4.8% from July to an annual rate of 440,000 in August. The median existing condo price was $354,600, up 6.2% from August 2022.