Market Report: Existing U.S. Home Sales Fell 4.8 Percent in August
Charlotte, N.C. (September 22, 2015) – August’s Existing Home Sales report, released this morning by the National Association of Realtors, showed home sales fell 4.8 percent over the prior month, but were up 6.2 percent over August 2014. The median existing–home price for all housing types in August was $228,700, which is 4.7 percent above August 2014 when the median home price was $218,400. August's price increase marks the 42nd consecutive month of year–over–year gains.
Total housing inventory at the end of August increased 1.3 percent from July to 2.29 million existing homes available in August, which is 1.7 percent lower than a year ago (2.33 million). Unsold inventory is at a 5.2–month supply at the current sales pace, up from 4.9 months in July.
LendingTree founder and CEO Doug Lebda offers the following comments:
“Although existing home sales fell from July, housing market growth is still evident when you consider sales were up 6.2 percent from one year ago. Low inventory and higher median home prices could be limiting options for homebuyers, but the growing number of first-time homebuyers is promising – which now comprise 32 percent of all buyers. Because that the Federal Reserve has opted to keep short-term rates unchanged in the near future, home buying season could extend into fall.”
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