• 0.2% decrease in total existing-home sales1 month-over-month to a seasonally adjusted annual rate of 4.0 million.
• 1.8% increase in sales year-over-year.
• 1.53 million units: Total housing inventory, down 1.3% from July and up 11.7% from August 2024 (1.37 million).
• 4.6-month supply of unsold inventory, no change from July and up from 4.2 months in August 2024.
• $422,600: Median existing-home price3 for all housing types, up 2.0% from one year ago ($414,200) – the 26th consecutive month of year-over-year price increases.
emphasis added
Click on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in August (4.00 million SAAR) were down 0.2% from the previous month and were up 1.8% compared to the August 2024 sales rate.
According to the NAR, inventory decreased to 1.53 million in August from 1.55 million the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 11.7% year-over-year (blue) in August compared to August 2024.
Months of supply (red) was unchanged at 4.6 months in August from 4.6 months the previous month.
I’ll have more later.