A snapshot of August’s existing-home sales data collected and published by the National Association of Realtors (NAR) revealed that available months of inventory increased to 3.3 months while median sales prices topped $407,000.
Both of these numbers rose from the previous month; median sales price alone rose 3.9% to a final $407,100. This is the third consecutive month the median sales price surpassed the $400,000 mark.
The inventory of unsold existing homes dipped 0.9% from the prior month to 1.1 million at the end of August, or the equivalent of 3.3 months' supply at the current monthly sales pace.
All-in-all, existing-home sales fell by 0.7% to a seasonally adjusted annual rate of 4.04 million; sales dropped some 15.3%...