Banking

Existing Home Sales Drop in August

Existing-house sales dropped 2.0% in August to a seasonally changed yearly rate of 5.88 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 1.5% from August 2020. First-time purchasers was accountable for 29% of sales in August, below 30% in July and 33% in August 2020.

Lawrence Yun, NAR’s primary financial expert, mentions that sales reduced in August due to the fact that of across the country boosts in rate. “Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory.”

The overall real estate stock in August was 1.29 million systems, down 1.5% from July’s stock and down 13.4% from one year ago (1.49 million). The mean house rate was $356,700, up 14.9% from August 2020 ($310,400), as costs increased in every area. This marks 114 straight months of year-over-year gains.

Distressed sales represented less than 1% of sales in August, equivalent to the previous month’s portion and equivalent to August 2020.

Read the NAR release.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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