The National Association of Realtors® released a new report showing existing home sales have stalled in August as compared to the month before. Sales for single-family homes for sale, townhouses, condos for sale, and co-operatives (co-ops) dropped 4.8 percent from July. However, sales are still 6.2 percent higher than same period last year.
Lawrence Yun, NAR’s chief economist explained, “Sales activity was down in many parts of the country last month – especially the South and West – as the persistent summer theme of tight inventory levels likely deterred some buyers,” He continued, “The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.”
The Median sales price for all residential categories was $228,700 which is 4.7 percent above the figure for 2014. The report also showed inventory for available properties increased in August as the total number of properties for sale was up 1.3 percent at months end. As the number of properties on the market increases, buyers have more options to choose from and increased inventory helps keep price increases in check.