Existing-house sales fell 0.4% in August to a seasonally changed yearly rate of 4.80 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 19.9% from August 2021. First-time purchasers was accountable for 29% of sales in August, constant with July 2022 and August 2021.
“The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve’s interest rate policy changes,” stated NAR Chief Economist Lawrence Yun. “The softness in home sales reflects this year’s escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago.”
The overall real estate stock in August was 1.28 million systems, down 1.5% from July’s stock and the same from one year back. The mean house cost was $389,500, up 7.7% from August 2021 ($361,600), as costs increased in every area. This marks 126 successive months of year-over-year gains, the longest-running streak on record.
Distressed sales—foreclosures and brief sales—represented less than 1% of sales in August, basically the same from the June 2022 and July 2021.
Read the NAR release.
