Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
- Single Family Closed Sales were down 21.7 percent to 2,425.
- Townhouse-Condo Closed Sales were down 12.4 percent to 595.
- Adult Communities Closed Sales were up 6.1 percent to 70.
- Single Family Median Sales Price increased 9.9 percent to $500,000.
- Townhouse-Condo Median Sales Price increased 9.4 percent to $320,000.
- Adult Communities Median Sales Price increased 31.1 percent to $442,500.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.