Existing home sales flat in August, prices up, inventory up slightly

From HousingWire:

Existing home sales held steady in August

After falling for four consecutive months, existing home sales held its ground in August, according to the latest report from the National Association of Realtors.

Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, remained unchanged from July at a seasonally adjusted rate of 5.34 million in August. The report showed sales are 1.5% below August 2017’s rate.

NAR Chief Economist Lawrence Yun said that the decline in existing home sales seen in previous months appears to have hit a plateau with robust regional sales.

“Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum,” Yun said. “With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

The median existing home price for all housing types increased to $264,800, surpassing last August’s $253,100. This is a 4.6% increase from August last year and marks the 78th straight month of year-over-year gains.

Total housing available for sale held steady at the end of August at 1.92 million existing homes on the market and is up from last year’s total of 1.87 million. Unsold inventory rests at a 4.3-month supply at the current sales pace, remaining unchanged from last month’s total but up 4.1 months last year.

“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,” Yun said. “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.”

Properties stayed on the market an average of 29 days in August, rising from 27 days in July but still down from 30 days in 2017. The report states that 52% of homes stayed on the market for less than a month.

This entry was posted in Economics, Housing Bubble, Housing Recovery, National Real Estate. Bookmark the permalink.

57 Responses to Existing home sales flat in August, prices up, inventory up slightly

  1. dentss says:

    First …

  2. Bystander says:

    ” I’m just grateful to be on the right side of income inequality.”

    Hopefully, one day, you will be on the right side of your front highway while I am driving by.

  3. 3b says:

    Bystander He really is an obnoxious dense little man.

  4. Blue Ribbon Teacher says:

    Kind of wondering about how my boys will find my music when they get older? As a kid, my dad had vinyls which I explored often and they became quite formative. Alot of Irish music, some Dylan, 60s folk etc. I am all over the place musically, easily 500 CDs sitting in attic but no CD player. Kind of feel a right of passage will be missed. I don’t want to force my music on them but it would be interesting to see what they pull out. There is so much music that had significant impact on me (Hendrix, Zappa, Talking Heads, Ween, Lee Morgan, Jimmy Smith) Too expensive to start vinyl collection now especially with their grubby little hands. Ween will be easy. Chocolate and Cheese. Figure around 13 they will be drawn to album..hah. Guess I will dust off my 20 year old NAD amp, those old Sennheiser headphones and my Brit made floor speakers. Man, these kids will feel like they are playing the Victrola. What a shame this new technology. Half the fun was looking at artwork and reading album notes. All gone now..

    This is one thing that my wife and I did right who are only 4 and 6 right now. Our mp3 player is hooked up to the speakers and loaded with different folders each time. Most of the time, my kids are listening to 50s and 60s music. But we have pretty much everything good from 1950 to 2003, Rock, Disco, Motown, Doo Wop, 80s alternative, grunge, 90s hip hop. We also play MTV classic for like 1 hour a night. My kids favorite band list is hilarious.

    Beach Boys
    The Beatles
    The Four Seasons
    Kool and the Gang
    The Clash
    Faith No More
    Naughty by Nature
    House of Pain

    We also load up all the old fashioned Christmas songs come December for them. They aren’t even aware of the garbage that has been produced the past 15 years.

  5. Blue Ribbon Teacher says:

    somehow “with my kids” got deleted

  6. Libturd...look me up in Costa Rica says:

    I was happy just to shield my boys from the Teletubbies, Barney and those queer Australian guys in tights. Forgot their names, but they sucked.

  7. Bystander says:

    Nice BRT. I have probably 500GB of MP3 on old hard drive. My kids are 2 and 4 so way early but 4 year old uses Alexa. Yellow Submarine is getting old, I must say. Just wish there was a kid friendly icon folder system application.

  8. 3b says:

    My kids and their respective boyfriends/girlfriends listen to slit of our music now. In addition to some of the 90s /00s they grew up with. No interest in today’s pop or whatever it’s called music. They even listen to my Celtic punk music as well as their Grandparents music that we grew up with. We grew up with music and so
    Did they.

  9. 3b says:

    Barney was disturbing! Did enjoy the Rugrats and Hey Arnold though!

  10. Not Joycer says:

    Joyce for you,

    https://www.wnyc.org/story/secret-recording-sheriff-racist-comments-about-blacks-and-attorney-general-grewal/

    By the way what is up with all this Italians, that forget their roots. I’m talking Arpaio, Saudino, and other alike.

    Their roots,

    https://youtu.be/PcZCGMCDzbU

  11. Bystander says:

    I hear Blumpkin’s daughter chooses One by Three Dog Night alot.

  12. Blue Ribbon Teacher says:

    Bystander hates income inequality, he just doesn’t realize it yet. I’m just grateful to be on the right side of income inequality.

    You should be grateful that capitalism has provided you with the means to get paid handsomely while you spam a forum.

  13. D-FENS says:

    Ricki Seidman Plots Strategy To Defeat Judge Kavanaugh Back In July

    https://www.youtube.com/watch?v=zRttpJxj59A

  14. D-FENS says:

    Ricki Seidman: Over the coming days and weeks there will be a strategy that will emerge, and I think it’s possible that that strategy might ultimately defeat the nominee.

  15. D-FENS says:

    https://www.politico.com/story/2018/09/20/kavanaugh-accuser-democratic-operative-advice-833013

    Kavanaugh accuser leans on Democratic operative for advice
    Christine Blasey Ford is looking to Ricki Seidman, who helped prepare Anita Hill, to help her navigate a potential hearing.

  16. D-FENS says:

    It’s a setup

  17. Fast Eddie says:

    It’s a setup

    Everything the democrats do is a setup. They’re an angry, flawed, spiteful brand using misfits to justify their existence.

  18. Not FastEddy says:

    It’s a setup

    Everything the GOP do is a setup. They’re an angry, flawed, spiteful brand using misfits to justify their existence.

  19. Not Fast Eddie says:

    Power is power. History shows who has it will never give it up willingly.

    The beauty of our system is the balance created by the amount of work required to get power. Sometimes like now, the moral and intellectual bankruptcy of a generation makes it easier to those want to be aristocrats to accumulate power.

    Eddie, just save money so when your daughter or granddaughter gets knocked up by your old Jersey City neighbors, you can fly to Cuba or Canada for that “procedure” and suction the shame away.

  20. 3b says:

    Not Fast sounds like the Democrats are the exact same! Flip side of the same coin!

  21. The Original NJ ExPat says:

    Mama told Me not to Cum?

    https://www.youtube.com/watch?v=rKaQzQAlNn4

    I hear Blumpkin’s daughter chooses One by Three Dog Night alot.

  22. The Original NJ ExPat says:

    Agreed. Luckily we have Trump now.

    Everything the GOP do is a setup. They’re an angry, flawed, spiteful brand using misfits to justify their existence.

  23. The Original NJ ExPat says:
  24. Bystander says:

    Ex,

    We could create a Blumpy jukebox of life hits:

    Papa was a Rolling Stone

  25. Bystander says:

    Factually incorrect though, Papa did stay in one particular place a long time.

  26. Fast Eddie says:

    Everything the GOP do is a setup.

    Ebonics?

  27. No One says:

    Libturd, you are probably thinking of the group called “The Wiggles”. Australian guys, now looking like aging child molesters.

  28. The Original NJ ExPat says:

    Highway to Hell

    Ex,

    We could create a Blumpy jukebox of life hits:

    Papa was a Rolling Stone

  29. The Original NJ ExPat says:

    LOL! Thas how they do.

    Everything the GOP do is a setup.

    Ebonics?

  30. The Original NJ ExPat says:

    You know the worm is about to turn when CNN and the NYT suddenly jump on the “Deep State” bandwagon instead of denouncing it.

    In the days after FBI Director James Comey’s May 2017 firing, Deputy Attorney General Rod Rosenstein discussed wearing a “wire” to record conversations with President Donald Trump and recruiting Cabinet members to invoke the 25th Amendment to remove Trump from office, The New York Times reported Friday.

    https://www.cnn.com/2018/09/21/politics/rosenstein-mccabe-trump-wire/index.html

  31. The Original NJ ExPat says:

    I guess that should be, “denouncing it’s existence.”

  32. Libturd...look me up in Costa Rica says:

    Wiggles it was. Bunch of scary child touchers.

  33. The Original NJ ExPat says:

    We took our girls to see the Wiggles at the BU arena, circa 2006. We didn’t let them go backstage alone though.

  34. The Original NJ ExPat says:

    The ironic thing is that McCabe “Comey-ed” Rosenstein by writing memos to “memorialize” conversations with Rosenstein. It by Yugely ironic if McCabe’s memos, apparently leaked to the NYT, just like Comey did to trigger a special counsel — triggers a special counsel to investigate the DOJ and FBI.

    You notice how you don’t hear much from Comey lately? He’s probably curled up with some medical maryjane so he can attain an even “higher” loyalty.

  35. The Original NJ ExPat says:

    I think McCabe has been thrown under the bus (about to be indicted) and he just grabbed Rosenstein’s tie today to get him under the wheels as a chock that maybe will stop the bus. BTW, Lisa Page in the room when Rosenstein suggested wearing a wire to tape Trump.

  36. The Original NJ ExPat says:

    If you want to be really cynical about all of these hot steaming piles of media mess — The market is zooming because insiders knew about the NYT article, more Trump winning. Look at the market just since the news came out less than an hour ago.

  37. Libturd...look me up in Costa Rica says:

    Saudino resigned. Total dickhead! Remind me again why we pay public workers so much?

  38. The Original NJ ExPat says:

    ol’ Doc Ford’s teenage pool party memoir just lost got bumped from the top spot on the Sunday shows.

  39. The Original NJ ExPat says:

    So does the DNC instruct the media on how to cover Rosenstein too?

  40. No One says:

    I haven’t seen The Wiggles on TV for a dozen years, but see that the band has added a girl and dropped the Asian guy. The sad thing is that they probably have better vocal technique than 95% of the top 40 pop bands.
    I think the band performs at the right level for Pumpkin. Here’s a song about them driving past his house:
    https://www.youtube.com/watch?v=EZKXMn-56e4

  41. Chicago says:

    Isn’t that the B52’s video for Love Shack?

  42. The Original NJ ExPat says:

    The Asian guy was always sleeping. Wake up Jeff!

  43. The Original NJ ExPat says:

    I just watched that Wiggles video, only the blue shirt guy, Anthony, is an original.

  44. Bystander says:

    No one,

    Too many big words for Blumpy but you reminded me of another jukebox hit for him.

    Life is a highway.

  45. Bystander says:

    Anyone have a good cheap VPN service with a free trial possibly? Just got a Kodi box..

  46. leftwing says:

    “Isn’t that the B52’s video for Love Shack?”

    LOLOLOL. Best post in a while. If Simon doing the bass “la” isn’t Fred Schneider separated at birth….TY, needed that laugh

  47. Juice Box says:

    Looks like the NY Times just ended the Muller investigation…..

  48. chicagofinance says:

    The internet is awesome……. check out this sh!t….
    https://www.youtube.com/watch?v=ZKCGilFFFPk

    leftwing says:
    September 21, 2018 at 6:01 pm
    “Isn’t that the B52’s video for Love Shack?”

    LOLOLOL. Best post in a while. If Simon doing the bass “la” isn’t Fred Schneider separated at birth….TY, needed that laugh

  49. Grim says:

    Capital Theater – Passaic NJ

  50. leftwing says:

    Great 52s footage. They look so young I actually feel old.

    One of my favorite things is live music in small venues. Really miss places like the Bottom Line. Trying to get friends interested in some Asbury shows, no takers yet.

  51. leftwing says:

    KB Homes report earnings after close on Tues.

    Any thoughts from the collective brain trust?

  52. ExEssex says:

    2,647
    The population of illegal migrants is roughly 22 million, or twice the establishment estimate of 11 million, say three professors from Yale University and the Massachusetts Institute of Technology.
    The shocking estimate will force establishment politicians and pro-migration advocates to recalculate the estimated impact of the huge illegal population on wages and salaries, on crime rates, welfare consumption, rental and real-estate prices, productivity rates, and the distribution of job-creating investment funds to coastal vs. heartland states.

    The higher illegal population estimate helps explain why Americans’ wages and salaries have risen so little amid apparently record-low unemployment rates, and it also undercuts companies’ loud demands for yet more immigration of foreign workers, consumers, and renters.

  53. The Great Pumpkin says:

    Not hard enough!!

    It’s Getting Harder for International STEM Students to Find Work After Graduation – The Atlantic
    https://apple.news/AUsxdQzIpSTCBk-3aH3JFFw

  54. No One says:

    Wow, the B52s live performance sounded almost just like their album track. Funny dancing in the audience. I listened to a lot of their music and Devo in the late 80s.

  55. The Original NJ ExPat says:

    Here’s my bet:

    1. Ol’ Doc Ford won’t show up to testify, pushing off the committee vote until next week.
    2. Ol’ Doc Ford will be on 60 Minutes next Sunday night, preceding the committee vote.

  56. danlaphy says:

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