On September 20, 2017, National Association of Realtors® (NAR) reported that nationwide existing home sales decreased 1.7% to annual rate of 5.35 million homes in August of 2017 from 5.44 million homes in July of 2017, but up 0.2% of 5.33 million homes from August of 2016. There were 1.88 million homes supplies of available inventory in August of 2017 declined 2.1% from July of 2017, and down 6.5% of 2.01 million homes from August of 2016; while, there were 4.2 months available inventory in August of 2017 lower from 4.5 months from August of 2016.
On average it took 30 days to sell a property in August of 2017, same as from 30 days in July of 2017, but fell from 36 days in August 2016. First time buyers acquired 31.0% of homes in August of 2017, decreased from 33.0% in July of 2017, but unchanged from 31.0% in August of 2016. Cash buyers purchased 20.0% of all sales in August of 2017, gained from 19.0% in July of 2017, but dropped from 22.0% in August of 2016. Investors purchased 15.0% of homes in August of 2017, rose from 13.0% in July of 2017, and higher from 12.0% in August of 2016, according to Adam DeSanctis of NAR on September 20, 2017.
Lawrence Yun, NAR chief economist, stated "What's ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it's putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale."
For more complete information, on NAR's August of 2017 existing home sales report, please CLICK HERE
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