U.S. Existing Home Sales Slip in August After July’s Rebound
Summary
- August sales -0.2% (+1.8% y/y) to 4.0 mil., the second m/m decline in three months.
- Sales patterns show mixed results: down in the Northeast and South, but up in the Midwest and West.
- Median sales price -0.7% (+2.0% y/y) to a 4-month-low $422,600.
- Unsold inventory -1.3% (+11.7% y/y) to 1.53 mil. units; 4.6 months' supply.
Existing home sales eased 0.2% m/m (+1.8% y/y) to a higher-than-expected 4.00 million units (SAAR) in August following a 2.0% gain to 4.01 million in July (unrevised) and a 2.7% decline to 3.93 million in June (unrevised), data from the National Association of Realtors (NAR) showed. The August reading was the second m/m decrease in three months and the fourth in six months. The Action Economics Forecast Survey expected sales of 3.96 million units in August. Sales were 37.8% below a high of 6.43 million in January 2022 and 39.4% below a peak of 6.60 million in January 2021. The August sales easing accompanied a decline in the average 30-year fixed mortgage rate to 6.59% in August, the lowest since October 2024, after a decrease to 6.72% in July. The sales figures are based on closings of sales signed over the past couple of months.
Existing single-family home sales fell 0.3% (+2.5% y/y) to 3.63 million units in August, down for the second month in three, after a 2.0% increase to 3.64 million in July. Meanwhile, sales of condos and co-ops were unchanged m/m (-5.1% y/y) at 370,000 following a 2.8% July gain.
By region, sales patterns were mixed across the country in August. Sales in the Northeast fell 4.0% (-2.0% y/y) to 480,000 in August following an 8.7% rebound in July and sales in the South fell 1.1% (+3.4% y/y) to 1.83 million after a 2.2% July rise; both registered the second m/m fall in three months. To the upside, sales in the Midwest increased 2.1% (3.2% y/y) to 960,000 in August, the highest level since May, following two successive m/m declines. Sales in the West rose 1.4% (-1.4% y/y) to 730,000 in August, the highest level since April, after rising at the same m/m pace in July and June.
The median price of all existing homes (NSA) fell 0.7% (+2.0% y/y) to $422,600 in August, the lowest since April, following a 1.6% decrease to $425,700 in July ($422,400 initially) and five straight m/m increases. Prices were 1.0% below a high of $426,900 in June 2024. The median price of an existing single-family home fell 1.0% (+1.9% y/y) to a four-month-low $427,800 in August after a 1.5% decline to $432,000 in July. The median price of condos and co-ops rebounded 0.8% (0.6% y/y) to $366,800 in August, the sixth m/m gain in seven months, after a 2.8% drop to $363,800 in July. Prices fell m/m in the South (-1.1%; +0.4% y/y), Midwest (-0.9%; +4.5% y/y), and Northeast (-0.3%; +6.2% y/y) in August, but rebounded m/m in the West (0.6%; 0.6% y/y).
The number of existing homes for sale (NSA) fell 1.3% (+11.7% y/y) to 1.53 million units in August, the lowest level since April, following a 0.6% rise to 1.55 million in July. The supply of homes on the market at the current selling rate (NSA) held steady at 4.6 months in August and July, just below June’s 4.7 months—the highest since July 2016. A high of 4.2 months was in September 2024; a record low in supply of 1.6 months was in January 2022.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors. The data on single-family home sales extend back to February 1968. Total sales and price data and regional sales can be found in Haver's USECON database. Regional price and affordability data and national inventory data are available in the REALTOR database. Mortgage interest rates can be found in the WEEKLY database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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