Home Sales Soften on Inventory, Pricing Woes
Existing-home sales softened in August, the second consecutive month of declines despite mortgage
rates hovering near record lows. Not enough homes for sale and higher home prices are curtailing sales, the National Association of REALTORS® reported Thursday. “Healthy labor markets in most of the country should be creating a sustained demand for home purchases,” Yun says. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.” Here are a few key housing numbers from NAR’s latest housing report:
1. Home prices: The median existing-home price for all housing types was $240,200 in August, up 5.1 percent from a year ago.
2. Days on the market: Forty-six percent of homes sold in less than a month in August. Properties stayed on the market for a median of 36 days last month, down from 47 days a year ago. Short sales tended to stay on the market the longest at a median of 144 days; foreclosures sold in 42 days; and non-distressed homes averaged 35 days.
Source: National Association of REALTORS®
1. Home prices: The median existing-home price for all housing types was $240,200 in August, up 5.1 percent from a year ago.
2. Days on the market: Forty-six percent of homes sold in less than a month in August. Properties stayed on the market for a median of 36 days last month, down from 47 days a year ago. Short sales tended to stay on the market the longest at a median of 144 days; foreclosures sold in 42 days; and non-distressed homes averaged 35 days.
Source: National Association of REALTORS®
