Home sales fell again in August as supply remained tight with falling inventories and little activity in the Houston area in the second half of the month due to Hurricane Harvey. Nationwide properties typically stayed on the market just 30 days, down from 36 days a year ago. The tightest markets remained the San Jose / Bay Area, and the Seattle area. Overall, home re-sales have averaged 5.43 million over the past 3 months and 5.53 million over the past 6 months, suggesting that the housing market continued to slow throughout the summer selling season.
Existing Home Sales
FELL by 1.7% in August to 5.35 million, compared with market expectations for an increase to 5.45 million. There were no revisions to prior data. Home re-sales are now 0.2% ABOVE their year ago level but are 26.2% BELOW their September 2005 record high.
The Inventory of Homes Available for Sale
- 40.8% of single family homes sold were priced in between 100k to 250k and 35.1% of single family homes sold were priced in between 250k to 500k.
- Single family home sales are down 1.8% year-over-year for prices in between 100k to 250k and are up 9.1% for prices in between 250k to 500k.
FELL by 2.1% to 1,880k and are now 6.5% BELOW their year ago level. Because inventories declined while sales declined, the Months Supply
FELL to 4.22 months from 4.24 months. This is still well BELOW its July 2010 cyclical peak of 12.4 (which was its highest level since 1982) and even BELOW the 6 month level that is considered 'normal'.
ROSE compared to their year ago levels. Average home prices are 4.5% ABOVE their year ago levels while median home prices are 5.6% ABOVE their year ago levels.