Published by REALTOR Magazine | September 22, 2021
All four major regions of the U.S. posted declines in existing-home sales in August.
Some home buyers have decided to put their search on hold as asking prices continue to increase. Existing-home sales—which reflects completed transactions for single-family homes, townhomes, condos, and co-ops—dropped 2% on a seasonally adjusted annual rate from July to August. Sales are down 1.5% compared to a year ago, the National Association of REALTORS® reported Wednesday. All four major regions of the U.S. posted declines in existing-home sales last month.
But many home buyers are still on the hunt—and, along with price increases, they’re finding fewer home listings.
“Sales slipped a bit in August as prices rose nationwide,” said Lawrence Yun, NAR’s chief economist. “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 median existing-home price climbed nearly 15% compared to a year earlier, reaching $356,700 in August. “High home prices make for an unbalanced market, but prices would normalize with more supply,” Yun says.
Continue reading to view the housing indicators from NAR’s August housing report.