Home sales dipped in August after two months of increases – Portland, Oregon

Portland, Oregon 2021-09-23 01:46:38 –

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(TheRealDeal) – After rising 2 months in a row Home sales are declining again this summer.

According to the latest monthly report from the United States, total sales of existing homes, including single-family homes, town homes, condominiums and co-operatives, fell 2% month-on-month to a seasonally adjusted annual rate of 5.88 million in August. .. National Association of Realtors. Year-over-year sales were down 1.5%.

The slowdown may be due in part to a lack of inventory. Total housing inventories at the end of August were 1.29 million units, down 1.5% from July supply and down 13.4% from a year ago.

Inventories continue to cause bidding wars and rising prices, driving some future homebuyers to the sidelines and waiting for more supplies.

“Sales fell a bit as prices rose nationwide in August,” Lawrence Yun, chief economist at NAR, said in a statement. “Home purchases have declined, but potential buyers are out and searching, but their financial limits are much more measured and simply waiting for inventory to grow.”

The median existing home price for all home types in August was $ 356,700, up 14.9% from $ 310,400 in August 2020. Prices rose in each region of the report, rising for 114 consecutive months year-on-year.

Properties typically remained on the market for 17 days in August, unchanged from July and down from 22 days a year ago. Eighty-seven percent of homes sold in August 2021 were on the market in less than a month.

Ruben Gonzalez, chief economist at Keller Williams, said home sales are expected to decline year-on-year towards the fall as the season returns to normal.

In a statement, Gonzales said, “Overall, we believe home sales will remain strong next year, but inventory levels will continue to tend slowly towards normal levels and home price increases will gradually slow down. I should start. “

Home sales dipped in August after two months of increases Source link Home sales dipped in August after two months of increases

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