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- U.S. existing-home sales increase more than forecast in August
U.S. existing-home sales increase more than forecast in August
U.S.
existing-home sales increase more than forecast in August
The National
Association of Realtors (NAR) announced on Thursday that the U.S. existing home
sales rose 1.3 percent m-o-m to a seasonally adjusted rate of 5.49 million in August
from an unrevised 5.42 million in July.
Economists had
forecast home resales increasing to a 5.37 million-unit pace last month.
In y-o-y terms,
existing-home sales increased 2.6 percent in August.
According to
the report, single-family home sales stood at a seasonally adjusted annual rate
of 4.90 million in August, up from 4.84 million in July and up 2.9 percent from
a year ago. The median existing single-family home price was $280,700 in August
2019, an increase of 4.7 percent from August 2018. Meanwhile, existing
condominium and co-op sales were recorded at a seasonally adjusted annual rate
of 590,000 units in August, 1.7 percent above the rate from the previous month
and about equal to a year ago. The median existing condo price was $257,600 in August,
which is up 5.2 percent from a year ago.
The NAR’s chief
economist Lawrence Yun attributed the August increase in sales to falling
mortgage rates. “As expected, buyers are finding it hard to resist the current
rates,” he said. “The desire to take advantage of these promising conditions is
leading more buyers to the market.”
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