August's housing report might feel like a splash of cold water. Existing home sales in the U.S. barely budged, dipping just a hair to 4 million units on a seasonally adjusted annual basis. That's according to the National Association of Realtors, who dropped the numbers yesterday. Blame it on prices that won't quit climbing, folks are stepping back, wallets clutched tight.
Last month, sales slipped 0.2% from July's already sluggish pace. In the Northeast, deals dropped 4%, and the South saw a 1.1% slide too. Meanwhile, the Midwest and West eked out small gains of 2.1% and 1.4%, respectively.
Median prices jumped to $422,600, up 2% from last August. That's 52% higher than pre-pandemic levels, back in 2019. No wonder homes lingered on the market for 31 days on average, compared to 26 a year ago.
First-time buyers held steady at 28% of sales, a notch up from last year, but inventory's only at 4.6 months' supply. Experts say a balanced market needs 5 to 6 months. Builders are showing incentives on new homes, which actually surged 20% last month, but for resale spots the bulk of what's out there, buyers are picky.
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