Existing home sales in the United States decreased 0.7% in August compared to the previous month, reaching a seasonally adjusted annual rate of 4.04 million, the National Association of Realtors (NAR) stated in a report on Thursday. On a yearly basis, the sales plunged by 15.3%.
The median existing-home price for all housing types was $407,100, rising 3.9% on an annual basis. At the end of August, total housing inventory stood at 1.1 million units, down 0.9% compared to the previous month, and falling 14.1% from July 2022.
"Home prices continue to march higher despite lower home sales," NAR Chief Economist Lawrence Yun said. "Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run," he added.
