Existing US home sales flat in August

by Steve Randall21 Sep 2018

There was no real change in existing home sales in the US in August as increased sales in the Northeast and Midwest gained, erasing declines in the South and West.

The National Association of Realtors reported Thursday that sales nationally were at a seasonally adjusted rate of 5.34 million in August, down 1.5% from a year earlier.

“While inventory continues to show modest year over year gains, it is still far from a healthy level and new home construction is not keeping up to satisfy demand,” said NAR chief economist Lawrence Yun. “Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory – especially moderately priced, entry-level homes – would propel sales.”

The median existing-home price for all housing types in August was U$264,800, up 4.6% from August 2017 ($253,100) and the 78th consecutive month of year-over-year gains.

First time buyers frozen out
First time buyers made up 31% of all buyers, the same as a year ago.

“Rising interests rates along with high home prices and lack of inventory continues to push entry-level and first time home buyers out of the market,” said Yun. “Realtors continue to report that the demand is there – that current renters want to become homeowners – but there simply are not enough properties available in their price range.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?