Present House Gross sales Fall for Seven Straight Month and Costs Delicate superior)
As elevated mortgage charges and better dwelling costs proceed to cost out homebuyers and scale back affordability, present dwelling gross sales declined for seven consecutive months in August, in line with the Nationwide Affiliation of Realtors (NAR). All 4 areas noticed double-digit declines for gross sales from a yr in the past. Moreover, dwelling worth appreciation slowed for the second month after reaching a file excessive of $413,800 in June.
Complete present dwelling gross sales, together with single-family properties, townhomes, condominiums and co-ops, fell barely 0.4% to a seasonally adjusted annual fee of 4.80 million in August, the bottom degree since Might 2020. The tempo of gross sales has decreased 26.5% this yr. On a year-over-year foundation, gross sales have been 19.9% decrease than a yr in the past.
The primary-time purchaser share stayed at 29% in August, in line with July 2022 and August 2021. The August stock degree fell from 1.30 to 1.28 million models however was unchanged from a yr in the past.
On the present gross sales fee, August unsold stock sits at a 3.2-month provide, unchanged from final month and better than the two.6-months studying from a yr in the past.
Houses stayed available on the market for a median of simply 16 days in August, up from 14 days in July and down from 17 days in August 2021. In August, 81% of properties bought have been available on the market for lower than a month.
The August all-cash gross sales share was 24% of transactions, the identical share as final month however up from 22% a yr in the past.
The August median gross sales worth of all present properties was $389,500, up 7.7% from a yr in the past, representing the 126th consecutive month of year-over-year will increase, the longest-running streak on file. The median present condominium/co-op worth of $333,700 in August was up 7.6% from a yr in the past.
Geographically, whereas present gross sales within the Northeast and West grew 1.6% and 1.1% in comparison with the earlier month, gross sales fell 3.3% within the Midwest. Gross sales within the South remained unchanged in August. On a year-over-year foundation, all 4 areas noticed a double-digit decline in gross sales, starting from 13.7% within the Northeast to 29.0% within the West.
The Pending House Gross sales Index (PHSI) is a forward-looking indicator based mostly on signed contracts. The PHSI fell 1.0% from 90.7 to 89.8 in July. On a year-over-year foundation, pending gross sales have been 19.9% decrease than a yr in the past per the NAR information.
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