On September 21, 2022, National Association of Realtors® (NAR) reported that nationwide existing home sales down 0.4% to annual rate of 4.80 million homes in August of 2022 from July of 2022, and fell 19.9% from 5.99 million homes from August of 2021.
There were 1.28 million homes supplies of available inventory in August of 2022, lower 1.5% from July of 2022, but unchanged 0.0% from 1.28 million homes in August of 2021; while, there were 3.2 months available inventory in August of 2021 unchanged from to 3.2 months in July of 2021, but increased from 2.6 months in August of 2021.
On average it took 16 days to sell a home in August of 2022, higher from 14 days in July of 2022, but declined from 17 days in August 2021.
First time buyers acquired 29.0% of homes in August of 2022, unchanged from 29.0% in July of 2022, but dropped from 34.0% in August of 2021.
Investors purchased 16.0% of homes in August of 2022, gained from 14.0% in July of 2022, and up from 15.0% in August of 2021.
Cash buyers purchased 24.0% of all sales in August of 2022, unchanged from 24.0% in July of 2022, but higher from 22.0% in August of 2021, according to NAR on September 21, 2022.
Lawrence Yun, NAR chief economist, stated "The softness in home sales reflects this year's escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago."
For more complete information, on NAR's August 2022 existing home sales report, please click HERE