NAR released a summary of existing-home sales data showing that August’s existing-home sales slipped after three straight months of gains, as sales reached the 5.31 million seasonally adjusted annual rate. Previous months were strong, so despite the 4.8 percent month-to-month drop in sales, the current level remains strong. August’s existing-home sales mark 11 consecutive months of year-over-year gains, and sales are up 6.2 percent from a year ago.
The national median existing-home price for all housing types was $228,700 in August, up 4.7 percent from a year ago August 2014. Moderate price growth is welcome after months of unhealthy price gains.
Regionally, all four regions showed growth in prices from a year ago. The West had the largest gain at 7.1 percent while the Northeast had the slightest gain at 2.4 percent from last August.
From July, the Northeast remained flat while all the other regions dipped in sales. The West had the biggest decline at 7.8 percent while the Midwest decreased 1.5 percent. However, all regions showed an increase in sales from a year ago. The Midwest had the smallest increase of 5.8 percent while the West had the biggest gain of 7.2 percent. The South leads all regions in percentage of national sales at 41 percent while the Northeast has the smallest share at 13.5 percent.
August’s inventory figures modestly increased 1.3 percent from last month but are down 1.7 percent from a year ago. It will take 5.2 months to move the current level of inventory at the current sales pace. It takes approximately 47 days for a home to go from listing to a contract in the current housing market.
Single-family sales fell 5.3 percent while condos fell 1.6 percent from last month. However, single-family home sales increased 6.1 percent and condo sales are up 6.9 percent from a year ago. Both single-family and condos had an increase in price with single family up 5.1 percent and condo up 2.2 percent from a year ago August 2014.