Market Report: Existing U.S. Home Sales Fell 4.8 Percent in August
However, sales still up 6.2 percent over August 2014
Total housing inventory at the end of August increased 1.3 percent from July to 2.29 million existing homes available in August, which is 1.7 percent lower than a year ago (2.33 million). Unsold inventory is at a 5.2–month supply at the current sales pace, up from 4.9 months in July.
LendingTree founder and CEO Doug Lebda offers the following comments:
“Although existing home sales fell from July, housing market growth is still evident when you consider sales were up 6.2 percent from one year ago. Low inventory and higher median home prices could be limiting options for homebuyers, but the growing number of first-time homebuyers is promising – which now comprise 32 percent of all buyers. Because that the Federal Reserve has opted to keep short-term rates unchanged in the near future, home buying season could extend into fall.”
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