Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

U.S. Existing Home Sales Hold Steady in August

Published 09/20/2018, 10:01 AM
Updated 09/20/2018, 10:01 AM
© Reuters.  U.S. existing home sales hold at 5.34 million in August vs. 5.35 million forecast

Investing.com - Sales of previously-owned U.S. homes unexpectedly registered no change in August, according to figures released by the National Association of Realtors on Thursday.

Existing home sales remained unchanged in August from the previous month at an annualized pace of 5.34 million units.

Economists had forecast a 0.3% increase to an annualized pace of 5.35 million.

Existing home sales account for 90% of the market and are calculated when a contract closes.

Lawrence Yun, NAR chief economist, says the decline in existing home sales appears to have hit a plateau with robust regional sales.

“Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum,” Yun said.

“With inventory stabilizing and modestly rising, buyers appear ready to step back into the market,” he added.

The report also detailed that the median existing-home price for all housing types in August was $264,800, up 4.6% from August 2017 ($253,100). August’s price increase marked the 78th-straight month of year-over-year gains.

“While inventory continues to show modest year over year gains, it is still far from a healthy level and new home construction is not keeping up to satisfy demand,” Yun commented.

“Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory -- especially moderately priced, entry-level homes -- would propel sales,” he concluded.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.