A brief excerpt:
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local market data that is reported after the NAR. This is the final look at local markets in August.
There were several key stories for August:
• Sales NSA are down 1.2% YoY through August, and sales last year were the lowest since 1995!
• Sales SAAR (seasonally adjusted annual rate) have bounced around 4 million for the last 2 1/2 years.
• Months-of-supply is above pre-pandemic levels (this is the highest level for August since 2015).
• The median price is up 2.0% YoY, and with the increases in inventory, some regional areas will see further price declines – and we might see national price declines later this year (or in 2026).
Sales at 4.00 million on a Seasonally Adjusted Annual Rate (SAAR) basis were slightly above the consensus estimate.
Sales averaged close to 5.40 million SAAR for the month of August in the 2017-2019 period. So, sales are about 26% below pre-pandemic levels.
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In August, sales in these markets were down 1.8% YoY. The NAR reported sales NSA were down 0.8% year-over-year in August (close).
Important: There were one fewer working days in August 2025 (21) as in August 2024 (22). So, the year-over-year change in the headline SA data was positive while the NSA data showed a decline (there are other seasonal factors).
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More local data coming in October for activity in September!
There is much more in the article.