NAR released a summary of existing-home sales data showing that housing market activity this August slipped 1.7 percent from last month but modestly improved 0.2 percent from last year. August’s existing-home sales reached 5.35 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $253,500 in August, up 5.6 percent from a year ago. This marks the 66th consecutive month of year over year gains as prices push higher.
Regionally, all four regions showed growth in prices from a year ago, with the West leading all regions with an incline of 7.7 percent. The Northeast had a gain of 5.6 percent followed by the South with a gain of 5.4 percent. The Midwest had the smallest gain of 5.0 percent from August 2016.
From July, two of the four regions experienced gains in sales. The Northeast inclined 10.8 percent. The Midwest rose 2.4 percent. The South had the biggest drop of 5.7 percent. The West had the smallest decline of 4.8 percent.
Three of the four regions showed an increase in sales from a year ago. The Northeast had a gain of 1.4 percent. The Midwest and West both had a gain of 0.8 percent. The South was the only region to have a drop in sales of 0.9 percent. The South led all regions in percentage of national sales, accounting for 40.2 percent of total, while the Northeast had the smallest share at 13.5 percent.
August’s inventory figures are down 2.1 percent from last month to 1.88 million homes for sale. Inventories are down 6.5 percent from a year ago, marking 27 months of year over year declines. It will take 4.2 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 30 days for a home to go from listing to a contract in the current housing market, down from 36 days a year ago.
In August, single-family sales decreased 0.8 percent and condominiums sales improved 1.7 percent compared to last month. Single-family home sales inclined 0.4 percent and condominium sales were down 1.6 percent compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 5.6 percent at $255,500 and condominiums up 5.4 percent at $237,600 from August 2016.