As elevated mortgage charges and better residence costs proceed to cost out homebuyers and scale back affordability, current residence gross sales declined for seven consecutive months in August, in accordance with the Nationwide Affiliation of Realtors (NAR). All 4 areas noticed double-digit declines for gross sales from a 12 months in the past. Moreover, residence value appreciation slowed for the second month after reaching a file excessive of $413,800 in June.
Whole current residence gross sales, together with single-family properties, townhomes, condominiums and co-ops, fell barely 0.4% to a seasonally adjusted annual price of 4.80 million in August, the bottom degree since Could 2020. The tempo of gross sales has decreased 26.5% this 12 months. On a year-over-year foundation, gross sales had been 19.9% decrease than a 12 months in the past.
The primary-time purchaser share stayed at 29% in August, in keeping with July 2022 and August 2021. The August stock degree fell from 1.30 to 1.28 million items however was unchanged from a 12 months in the past.
On the present gross sales price, August unsold stock sits at a 3.2-month provide, unchanged from final month and better than the two.6-months studying from a 12 months in the past.
Properties stayed available on the market for a median of simply 16 days in August, up from 14 days in July and down from 17 days in August 2021. In August, 81% of properties offered had been available on the market for lower than a month.
The August all-cash gross sales share was 24% of transactions, the identical share as final month however up from 22% a 12 months in the past.
The August median gross sales value of all current properties was $389,500, up 7.7% from a 12 months in the past, representing the 126th consecutive month of year-over-year will increase, the longest-running streak on file. The median current condominium/co-op value of $333,700 in August was up 7.6% from a 12 months in the past.
Geographically, whereas current gross sales within the Northeast and West grew 1.6% and 1.1% in comparison with the earlier month, gross sales fell 3.3% within the Midwest. Gross sales within the South remained unchanged in August. On a year-over-year foundation, all 4 areas noticed a double-digit decline in gross sales, starting from 13.7% within the Northeast to 29.0% within the West.
The Pending House Gross sales Index (PHSI) is a forward-looking indicator based mostly on signed contracts. The PHSI fell 1.0% from 90.7 to 89.8 in July. On a year-over-year foundation, pending gross sales had been 19.9% decrease than a 12 months in the past per the NAR knowledge.