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Current-Dwelling Gross sales Fall for the Seventh Straight Month and Decline 0.4% in August 2022


NAR launched a abstract of existing-home gross sales knowledge displaying that housing market exercise this August fell modestly (0.4%) from July 2022. August’s existing-home gross sales reached a 4.80 million seasonally adjusted annual price. August’s gross sales of current properties declined 19.9% from August 2021. August’s gross sales signify the seventh consecutive month of declines, and gross sales have been the weakest since Might 2020.

Line graph: U.S. Existing-Home Sales, August 2021 through August 2022

The nationwide median existing-home value for all housing varieties reached $389,500 in August, up 7.7% from a yr in the past. Dwelling costs have continued to climb, marking the 126th consecutive month of year-over-year beneficial properties.

Bar graph: U.S. and Regional Median Sales Price of Existing Homes, August 2022 and August 2021

Regionally, in August, all 4 areas confirmed robust value progress from a yr in the past. The South had essentially the most vital acquire of 12.4%, adopted by the West, with an incline of seven.1%. The Midwest had a rise of 6.6%, adopted by the Northeast, with the smallest value acquire of 1.5% from August 2021.

August’s stock of unsold listings, as of the top of the month, fell 1.5% from final month, standing at 1,280,000 properties on the market. In contrast with August 2021, stock ranges have been flat. It’ll take 3.2 months to maneuver the present stock standing on the present gross sales tempo, effectively beneath the specified tempo of 6 months.

Demand stays robust as dwelling patrons are snatching listings shortly off the MLS, and it takes roughly 16 days for a house to go from itemizing to a contract within the present housing market. A yr in the past, it took 17 days.

Bar graph: Inventory, August 2021 to August 2020

From a yr in the past, all the 4 areas had double-digit declines in gross sales in August. The West had essentially the most vital dip of 29.0%, adopted by the South, which fell 19.3%. The Midwest decreased 15.9%, adopted by the Northeast, which was down 13.7%.

In comparison with July 2022, solely the Midwest area confirmed a discount in gross sales (3.3%) in August. The Northeast area had essentially the most vital incline of 1.6%, adopted by the West with a rise of 1.1%. The South area was flat with no change in gross sales.

The South led all areas in share of nationwide gross sales, accounting for 44.4% of the whole, whereas the Northeast had the smallest share at 13.1%.

Bar graph: Regional Existing-Home Sales and Year-Over-Year Percent Change, August 2022 and August 2021

In August, single-family gross sales decreased 0.9%, and condominium gross sales rose 4.0% in comparison with final month. Single-family dwelling gross sales have been 19.2%, whereas condominium gross sales fell 24.6% in comparison with a yr in the past. The median gross sales value of single-family properties rose to 7.6% at $396,300 from August 2021, whereas the median gross sales value of condominiums rose 7.8% to $333,700.

Line graph: Year-Over-Year Percent Change in Single-family and Condominium Median Sales Prices, January 2020 to July 2022
Line graph: Year-Over-Year Percent Change in Single-family and Condominium Existing-Home Sales, January 2020 to July 2022



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