Lawrence Yun, NAR chief economist, says home sales in August lost some momentum to close out the summer.
Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers, according to the National Association of Realtors®. None of the four major regions experienced sales increases in August.
The median existing–home price2 for all housing types in August was $228,700, which is 4.7 percent above August 2014 ($218,400). August’s price increase marks the 42nd consecutive month of year–over–year gains.
The percent share of first–time buyers rebounded to 32 percent in August, up from 28 percent in July and matching the highest share of the year set in May. A year ago, first–time buyers represented 29 percent of all buyers.
Properties typically stayed on the market for 47 days in August, an increase from 42 days in July but below the 53 days in August 2014. Short sales were on the market the longest at a median of 124 days in August, while foreclosures sold in 66 days and non–distressed homes took 45 days. Forty percent of homes sold in August were on the market for less than a month.
You can read the full report, Existing-Home Sales Stall in August, on the NAR website.
Amy Garland is a member of the National Association of Realtors. For help with your Knoxville real estate needs contact her at (865) 257-0100 or by e-mail.