US Existing Home Sales Drop For 7th Month.
New York, Wednesday, 21 September 2022
Following a downwardly corrected 5.7% decline in July, existing house sales in the US decreased 0.4% to a seasonally adjusted annual rate of 4.8 million in August 2022, the lowest figure since May 2020. Existing house sales have decreased for the seventh month in a row, which is a result of rising mortgage rates this year.
Figures are compared to 4.7 million market projections. The average cost of a previously owned home increased 7.7% from a year ago to $389,500.
The inventory of unsold existing homes decreased to 1.28 million after five consecutive monthly gains, or 3.2 months at the current monthly sales pace.
Sales increased by 1.1% in the West and 1.6% in the Northeast, but declined 3.3% in the Midwest and was constant in the South.
(Source: National Association of Realtors // Edit by: The Decision Maker – Real Estate editors)