August 2024

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

• Single Family Closed Sales were up 6.3 percent to 5,885.

• Townhouse-Condo Closed Sales were up 9.1 percent to 1,891.

• Adult Communities Closed Sales were up 4.5 percent to 668.

• Single Family Median Sales Price increased 5.6 percent to $591,489.

• Townhouse-Condo Median Sales Price increased 6.2 percent to $430,000.

• Adult Communities Median Sales Price increased 5.7 percent to $369,950.

Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.