Notizie economiche
19.09.2024

U.S. existing-home sales decline 2.5 per cent in August

The National Association of Realtors (NAR) reported on Thursday that the U.S. existing home sales declined 2.5 per cent m-o-m to a seasonally adjusted rate of 3.86 million in August from an upwardly revised 3.96 million (from 3.95 million) in July. 

Economists had predicted home re-sales decelerating to a 3.90 million-unit pace last month.

In y-o-y terms, existing home sales decreased 4.2 per cent in August.

According to the report, three out of four major regions - the South (-3.9 per cent m-o-m), West (-2.7 per cent m-o-m), and Northeast (-2.0 per cent m-o-m) - demonstrated drops on a m-o-m basis, while the Midwest remained unchanged.

In y-o-y terms, existing home sales decreased in the South (-6.0 per cent), Midwest (-5.2 per cent) and West (-1.4 per cent m-o-m) but were flat in the Northeast. 

Over the reviewed period, the median existing-home price for all housing types soared 3.1 per cent y-o-y to $416,700, reflecting price gains in all four U.S. regions. This was the 14th straight month of year-over-year increases in median existing-home price.

Single-family home sales came in at a seasonally-adjusted annual rate of 3.48 million in August, down 2.8 per cent m-o-m and 3.3 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered at a seasonally-adjusted annual rate of 380,000 units in August, unchanged m-o-m and down11.6 per cent y-o-y. 

Commenting on the latest data, Lawrence Yun, NAR chief economist, noted that home sales were disappointing again in August, but assumed that the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that would provide the environment for sales to move higher in future months. “The home-buying process, from the initial search to getting the house keys, typically takes several months,” he added.

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