Mortgage & housing market update
Existing-Home Sales Fall as Inventory Expands Buyer Options
August existing-home sales fell below a 4 million annual pace while available inventory reached its highest level in more than a decade, giving buyers more choices even as prices continued rising modestly.
Existing-home sales declined 2.0% from July to a seasonally adjusted annual rate of 3.98 million. At the same time, available inventory increased to 1.62 million homes, or 4.9 months of supply—the highest supply reading in more than a decade.
The national median existing-home price increased 1.6% from a year earlier. In the South, sales also declined for the month while the median price posted a smaller annual gain. These broad figures describe regional conditions and are not a valuation of any individual property.
More listings can give buyers additional time to compare homes and may improve negotiating opportunities in some communities. Local inventory, property condition and seller motivation still matter, so evaluate each home using a property-specific payment that includes taxes, insurance and any association costs.
Mortgage-rate information is provided for education only and is not a rate quote, offer, or commitment to lend. Actual rates, fees and terms vary by borrower, property, loan program, market conditions and lock period. Home-price indexes are not appraisals or forecasts for a specific property.
Source reporting: Housing Brief Housing News. This market update is an original summary and commentary prepared by the Carson Home Team.