Existing Home Sales
Per NAR have decreased for the 7th straight month in August 2022. Down 19.9% from August 2021.
29% of existing sales in August were first time home buyers. ALL CASH buyers accounted for 24% of transactions in August.
New Construction
The Census Bureau reported that builderds broke ground on 1.575 million homes in August 2022, up 12.2% from July 2022.
Sales of newly built single family homes in August 2022 jumped to a seasonally adjusted rate of 685,000 which is up 28.8% from July and year over year.
Sales Prices
The median sales price was $389,500 in August 2022, up 7.7% from August 2021
The median price of new homes sold in August rose to $436,8– up 8% from August 2021.
Inventory
At current sales pace, there is a 3 month supply of existing homes available to buy. Identical to July 2022 and up 2.6% from 2021.
Existing home sold in August 2022 within 16 days, up slightly form July’s record of 14 days.
81% of homes sold in August were ont he market for less than a month according to NAR.
There was an 8.1 month’s supply of new homes available in August, down from 10.4 in july and up 6.5 a year ago.