Morning Briefing: Existing home sales stall, prices moderate

by Steve Randall22 Sep 2015
Existing home sales stall, prices moderate
The rise in sales and prices of existing homes slowed in August according to data from the National Association of Realtors. Sales dipped following a three-month run of gains but the month proved more popular with first-time buyers as their share of sales increased to 32 per cent from 28 per cent in July.

Total existing home sales were down 4.8 per cent to a seasonally-adjusted annual rate of 5.31 million compared to a downwardly-revised 5.58 million in July. Year-over-year though sales are up 6.2 per cent.

NAR chief economist Lawrence Yar commented: "Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers," he said. "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 existing–home price for all housing types in August was $228,700, which is 4.7 per cent above August 2014.
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