{"id":21065,"date":"2022-09-22T12:48:25","date_gmt":"2022-09-22T12:48:25","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=21065"},"modified":"2022-09-22T12:48:27","modified_gmt":"2022-09-22T12:48:27","slug":"existing-home-sales-slip-again","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/existing-home-sales-slip-again\/","title":{"rendered":"Existing-Home Sales Slip Again"},"content":{"rendered":"\n

Existing-Home Sales Slip Again<\/p>\n\n\n\n

Existing-home sales slipped further in August as economists blame the \u201chousing recession<\/a>\u201d mostly on higher mortgage rates, though home prices continue rising, according to newly released data from the National Association of REALTORS\u00ae. But while existing-home sales, which reflect transactions for single-family homes, townhomes, condos, and co-ops, fell a modest 0.4% month over month in August, they\u2019re down about 20% compared to a year ago.<\/p>\n\n\n\n

\u201cThe softness in home sales reflects this year\u2019s escalating mortgage rates,\u201d says NAR Chief Economist Lawrence Yun. \u201cNonetheless, homeowners are doing well, with near-nonexistent distressed property sales, and home prices are still higher than a year ago.\u201d<\/p>\n\n\n\n

Home prices rose 7.7% in August compared to a year ago, according to NAR. The median existing-home sales price for all housing types increased to $389,500, with every major region of the U.S. posting hikes in home prices last month. But August did mark the second consecutive month in which the median sales price dropped from its record high of $413,800 from June. NAR\u2019s report notes that follows a typical seasonal drop in home prices after they peak in early summer.<\/p>\n\n\n\n

\"NAR<\/figure>\n\n\n\n

Here are additional key indicators from NAR\u2019s August housing report:<\/p>\n\n\n\n