U.S. Home Sales Continue Slide

Existing home sales in the U.S. increased for a third consecutive month in August and reached their highest level since December 2006, says the National Association of Realtors (NAR). Total existing home sales, including single-family homes, townhomes, condos, and co-ops increased 2.4 per cent from July to a seasonally adjusted rate of six million in August. Year-over-year sales are up 10.5 per cent from 5.43 million in August 2019. Single-family home sales increased 1.7 per cent to a seasonally-adjusted annual rate of 5.37 million compared to 5.28 million in July and increased 11 per cent from one year ago. Existing condo and co-op sales reached a seasonally adjusted annual rate of 630,000 units in August, up 8.6 per cent from July and up 6.8 per cent from one year ago. Total housing inventory at the end of August totaled 1.49 million units, down 0.7 per cent from July and down 18.6 per cent from one year ago (1.83 million). Unsold inventory sits at just a three-month supply at the current sales pace, down from 3.1 months in July and down from the four-month figure recorded in August 2019.