Existing Home Sales Fall to Five Year Low in August

Existing home sales slipped an addition -4.3% MoM in August, but declined less than the -4.6% drop that had been expected. Over the past year, existing home sales, which represent about 85% of annual home sales, have fallen 13%. Inventories rose +.4% MoM, to a new record high of ten months in August.

Single family home sales fell -3.8% MoM (-13% YoY) while condo sales fell -8% MoM (-11.7% YoY). Inventories for condos remain more elevated at 11.5 months, versus 9.8 months for single family homes, based on the current sales pace.

Median house prices rose +.2% YoY to $224,500 according the the National Association of Realtor's data. By category, median single family home prices were unchanged over the past year while condo prices rose +2.1%. Median prices indicate that half of homes sold for more while half sold for less.

Purchases dropped in all four regions in August, with the West leading the way at -9.8% MoM. The Northeast had the smallest drop at -2% MoM.