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From the NAR: Existing-Home Sales Decreased 0.7% in AugustExisting-home sales moved lower in August, according to the National Association of REALTORS®. Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 0.7% from July to a seasonally adjusted annual rate of 4.04 million in August. Year-over-year, sales fell 15.3% (down from 4.77 million in August 2022).
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Total housing inventory registered at the end of August was 1.1 million units, down 0.9% from July and 14.1% from one year ago (1.28 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, identical to July and up from 3.2 months in August 2022.
emphasis addedClick on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in August (4.04 million SAAR) were down 0.7% from the previous month and were 15.3% below the August 2022 sales rate.
According to the NAR, inventory decreased to 1.10 million in August down from 1.11 million in June.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was down 14.1% year-over-year (blue) in August compared to August 2022.
Months of supply (red) was unchanged at 3.3 months in August from 3.3 months in July.
This was below the consensus forecast. I’ll have more later.
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