After falling for four consecutive months, existing home sales held its ground in August, according to the latest report from the National Association of Realtors.
Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, remained unchanged from July at a seasonally adjusted rate of 5.34 million in August. The report showed sales are 1.5% below August 2017's rate.
NAR Chief Economist Lawrence Yun said that the decline in existing home sales seen in previous months appears to have hit a plateau with robust regional sales.
The median existing home price for all housing types increased to $264,800, surpassing last August’s $253,100. This is a 4.6% increase from August last year and marks the 78th straight month of year-over-year gains.
Total housing available for sale held steady at the end of August at 1.92 million existing homes on the market and is up from last year’s total of 1.87 million. Unsold inventory rests at a 4.3-month supply at the current sales pace, remaining unchanged from last month’s total but up 4.1 months last year.
Read more in Housing Wire.