U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
New Listings increased 7.6 percent to 185. Pending Sales were up 6.9 percent to 154. Inventory levels grew 14.2 percent to 628 units.
Prices continued to gain traction. The Median Sales Price increased 5.7 percent to $248,500. Days on Market were up 58.3 percent to 76 days. Buyers felt empowered as Months Supply of Inventory was up 20.4 percent to 5.9 months.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for August, download the link below.
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