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September 22, 2014
Existing-home sales down 5.3% in August
Existing-home sales slowed to a pace of 5.05 million units, seasonally adjusted, in August – but were still at the second-highest sales pace of the year, according to a NAFCU Macro Data Flash.
NAFCU Staff Economist Doug Christman analyzed data from the National Association of Realtors and found that, year over year, existing-home sales went down by 5.3 percent – declining in all four regions. In August, sales went up in the Northeast (by 4.7 percent) and the Midwest (by 2.5 percent). Sales decreased in the Midwest (by 3.9 percent) and South (by 3.8 percent).
"The slowdown in sales was due to a significant decline in investor purchases in anticipation of higher interest rates and as distressed homes have faded from the market," Christman wrote. "Inventories decreased in August, but the slowdown in activity allowed the months of supply to remain unchanged. Home sales have improved from the sluggish first quarter but are likely to remain below 2013's annual sales pace."
The median existing-home price decreased from a revised $221,600 in July to a non-seasonally adjusted $219,800 in August – up from $209,700 a year before.
NAFCU Staff Economist Doug Christman analyzed data from the National Association of Realtors and found that, year over year, existing-home sales went down by 5.3 percent – declining in all four regions. In August, sales went up in the Northeast (by 4.7 percent) and the Midwest (by 2.5 percent). Sales decreased in the Midwest (by 3.9 percent) and South (by 3.8 percent).
"The slowdown in sales was due to a significant decline in investor purchases in anticipation of higher interest rates and as distressed homes have faded from the market," Christman wrote. "Inventories decreased in August, but the slowdown in activity allowed the months of supply to remain unchanged. Home sales have improved from the sluggish first quarter but are likely to remain below 2013's annual sales pace."
The median existing-home price decreased from a revised $221,600 in July to a non-seasonally adjusted $219,800 in August – up from $209,700 a year before.
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