Current:Home > MyUS home sales fell in August despite easing mortgage rates, more homes on the market-DB Wealth Institute B2 Reviews & Ratings
US home sales fell in August despite easing mortgage rates, more homes on the market
lotradecoin affiliate program details View Date:2024-12-26 05:21:32
LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise.
Existing home sales fell 2.5% last month, from July, to a seasonally adjusted annual rate of 3.86 million, the National Association of Realtors said Thursday.
Sales fell 4.2% compared with August last year. The latest home sales were short of the 3.9 million pace economists were expecting, according to FactSet.
Home prices increased on an annual basis for the 14th consecutive month. The national median sales price rose 3.1% from a year earlier to $416,700.
“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 Lawrence Yun, the NAR’s chief economist.
Home shoppers had a larger selection of homes to chose from last month. All told, there were about 1.35 million unsold homes at the end of August, up 0.7% from July and 22.7% from August last year, NAR said.
That translates to a 4.2-month supply at the current sales pace, up from a 3.3-month pace at the end of August last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.
The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. Existing home sales sank to a nearly 30-year low last year as the average rate on a 30-year mortgage surged to a 23-year high of 7.79%, according to mortgage buyer Freddie Mac.
Mortgage rates have been mostly easing since July, with the average rate on a 30-year home loan falling last week to 6.2%, the lowest level since February 2023.
veryGood! (64)
Related
- 'Alien: Romulus' movie review: Familiar sci-fi squirms get a sheen of freshness
- Focusing only on your 401(k) or IRA? Why that may not be the best retirement move.
- Jon Stewart presses for a breakthrough to get the first 9/11 troops full care
- NYC mayor declines to say if he remains confident in the police commissioner after a visit from feds
- US unemployment claims fall 7,000 to 227,000 in sign of resiliency in job market
- 2024 lottery winners: How many people have won Mega Millions, Powerball jackpots?
- Prosecutors charge Milwaukee man with shooting at officers
- NYPD officer lands $175K settlement over ‘courtesy cards’ that help drivers get out of traffic stops
- Justice Department defends Boeing plea deal against criticism by 737 Max crash victims’ families
- New bodycam video shows police interviewing Apalachee school shooting suspect, father
Ranking
- Emily in Paris' Ashley Park Reveals How Lily Collins Predicted Her Relationship With Costar Paul Forman
- Video shows a SpaceX rocket launch 4-member crew for daring Polaris Dawn mission
- Dodgers' miscues, Pete Crow-Armstrong push Cubs to win in Yoshinobu Yamamoto's return
- How to Watch the 2024 Emmys and Live From E!
- Kim Kardashian Says Her Four Kids Try to Set Her Up With Specific Types of Men
- Chipotle brings back 'top requested menu item' for a limited time: Here's what to know
- Get 2 Benefit Porefessional Primers for the Price of 1: Blur Pores and Create a Photo-Filter Effect
- Steamship that sunk in 1856 with 132 on board discovered in Atlantic, 200 miles from shore
Recommendation
-
How you can get a free scoop of ice cream at Baskin Robbins Wednesday
-
The first general election ballots are going in the mail as the presidential contest nears
-
Kamala Harris gives abortion rights advocates the debate answer they’ve longed for in Philadelphia
-
'Emilia Pérez': Selena Gomez was 'so nervous' about first Spanish-speaking role
-
'Alien: Romulus' movie review: Familiar sci-fi squirms get a sheen of freshness
-
MTV VMAs reveal most dramatic stage yet ahead of 40th anniversary award show
-
Kamala Harris, gun owner, talks firearms at debate
-
BOYNEXTDOOR members talk growth on '19.99' release: 'It's like embarking on our adulthood'