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.
Closed Sales decreased 1.9 percent for existing homes and 3.7 percent for
new homes. Pending Sales increased 6.1 percent for existing homes and 4.2
percent for new homes. Inventory increased 18.3 percent for existing homes
but decreased 13.6 percent for new homes.
The Median Sales Price was up 2.8 percent to $293,000 for existing homes
but decreased 1.1 percent to $507,900 for new homes. Days on Market
increased 13.0 percent for existing homes but decreased 13.8 percent for new
homes. Supply increased 23.5 percent for existing homes but increased 8.5
percent for new homes.
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 and stats courtesy of KCRAR and Heartland MLS.