LOS ANGELES — Sales of formerly inhabited U.S. houses fell for the 3rd month in a row in August, as greater homemortgage rates, increasing rates and a lack of homes on the market shut out numerous potential propertybuyers.
Existing house sales fell 0.7% last month from July to a seasonally changed yearly rate of 4.04 million, the National Association of Realtors stated Thursday. That’s listedbelow the 4.10 million rate that economicexperts were anticipating, according to FactSet.
Sales plunged 15.3% compared with the exactsame month last year and are down 21% through the veryfirst 8 months of the year versus the exactsame stretch in 2022.
Meanwhile, rates increased onceagain last month, propped up by purchasers completing for a near-record low stock of houses on the market.
The nationwide typical sales cost increased 3.9% from August last year to $407,100, marking the 3rd month in a row that the typical rate stayed above $400,000. Last month’s average sale cost is likewise the fourth-highest on records going back to 1999.
“Home rates continue to march greater regardlessof lower house sales,” stated Lawrence Yun, the NAR’s chief economicexpert. “Supply requires to basically double to moderate house rate gains.”
Even as increasing homeloan rates force numerous purchasers to the sidelines, the s