Economic Buzz: US Existing Home Sales Decline 0.4% In August

22 Sep 2022 , 08:34 AM

After reporting sharp decreases in U.S. existing home sales over the past several months, the National Association of Realtors released a report on Wednesday showing existing home sales edged down by much less than expected in the month of August. NAR said existing home sales declined for the seventh consecutive month but dipped by a relatively modest 0.4 percent to an annual rate of 4.80 million in August after plummeting by 5.7 percent to a revised rate of 4.82 million in July. The report also showed existing home sales in August were down by 19.9 percent compared to the same month a year ago. NAR said housing inventory at the end of August totaled 1.28 million units, down 1.5 percent from 1.30 million units in July and unchanged from a year ago. The unsold inventory represents 3.2 months of supply at the current sales pace, identical to July and up from 2.6 months in August 2021.Powered by Commodity Insights