U.S. existing home sales declined more than expected in August, even as mortgage rates fell to their lowest levels in more than a year.
Last month, home sales tumbled 2.5 percent to a seasonally adjusted annual rate of 3.86 million units, according to new data from the National Association of Realtors (NAR) on Sept. 19. This is down from the July increase of 1.5 percent, which was upwardly revised from 1.3 percent.
The Trading Economics consensus estimate suggested a 0.9 percent gain, and a Reuters survey of economists forecasted home resales totaling 3.9 million units.
Median existing-home sales prices advanced 3.1 percent from a year ago to $416,700, the 14th straight month of year-over-year price gains.
Housing supplies continued to show signs of improving, with inventories totaling 1.35 million units at the end of August. This is up 0.7 percent monthly and nearly 23 percent from August 2023.
“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said NAR Chief Economist Lawrence Yun in a statement. […]
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