by Calculated risk on 9/21/2022 10:13:00 AM
From the NAR: Existing home sales fell 0.4% in August
Existing home sales fell slightly in August, declining for the seventh consecutive month, according to the National Association of Realtors®. Sales varied on a monthly basis across the four major regions of the US with two regions posting increases, one unchanged and the other recording declines. On an annual basis, sales are down in all regions.
Total sales of existing homes, and completed transactions involving single-family homes, townhouses, condominiums, and co-ops, contracted slightly by 0.4% from July to a year earlier. Seasonally adjusted annual rate of 4.80 million in August. On an annual basis, sales faded 19.9% (5.99 million in August 2021).
The total registered housing stock at the end of August was 1,280,000 unitsdown 1.5% from July and unchanged from the previous year. There is 3.2 months unsold inventory on display at the current sales pace – similar to July and up from 2.6 months in August 2021.
Click on the chart for a larger picture.
This graph shows existing home sales, on a seasonally adjusted annual rate (SAAR) basis since 1993.
Sales in August (4.80 million SAAR) were down 0.4% from the previous month and were 19.9% below the August 2021 sales average.
The second chart shows the national inventory of existing homes.
According to NAR, inventory fell to 1.28 million in August from 1.30 million in July.
The latest graph shows the annual change in existing home inventory and supply months. Since inventory is not adjusted seasonally, it is really helpful to look at the annual change. Note: Months of supply are based on seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was unchanged YoY (in blue) in August compared to August 2021.
The display month (in red) is unchanged at 3.2 months in August from 3.2 months in July.
This was above consensus expectations. I’ll take more later.