Existing home sales fall to 4.04M
- Prior month 4.07M
- existing home sales 4.04M versus 4.10M estimate
- MoM -0.7%
- Sales are down -15.3% year on year
- 1.1 million units of inventory which is -0.9% monthly and -14.1% year on year
- 3.3 month supply
- Median price up 3.9% to $407,100. This is the 3rd consecutive month the median sales price brass 400,000
- Properties typically remained on the market for 20 days in August, unchanged from July and up from 16 days in August 2022
- 72% of the homes sold in August were on the market for less than a month
- First-time buyers are responsible for 29% of sales in August down from 30% in July, and identical to August 2022. It’s the lowest level of first-time buyers was 26% in November 2022
- All cash sales accounted for 27% of transactions in August up from 26% in July and 24% in August 2022
- Distressed sales – foreclosures and short sales represented 1% of sales in August unchanged from last month in the previous year
- According to Freddie Mac the 30 year mortgage rate averaged 7.18% as of September 14 which is up from 7.122% from the prior weekend 6.02% one year ago
Looking at the 4 separate regions:
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Northeast:
- Existing-home sales in August: Unchanged from July, down 22.6% YoY.
- Median price: $465,700, up 5.8% YoY.
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Midwest:
- Existing-home sales in August: Increased 1.0% from July, down 16.4% YoY.
- Median price: $305,300, up 6.8% YoY.
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South:
- Existing-home sales in August: Decreased 1.1% from July, down 12.4% YoY.
- Median price: $366,100, up 3.2% YoY.
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West:
- Existing-home sales in August: Decreased 2.6% from July, down 15.7% YoY.
- Median price: $609,300, up 1.0% YoY.