US existing home sales for August 4.04M vs 4.10M estimate

<ul><li><a href="https://www.forexlive.com/news/us-existing-home-sales-for-july-407m-vs-415m-estimate-20230822/" target="_blank" rel="follow">Prior month</a> 4.07M</li><li>existing home sales 4.04M versus 4.10M estimate</li><li>MoM -0.7%</li><li>Sales are down -15.3% year on year</li><li>1.1 million units of inventory which is -0.9% monthly and -14.1% year on year</li><li>3.3 month supply</li><li>Median price up 3.9% to $407,100. This is the 3rd consecutive month the median sales price brass 400,000</li><li>Properties typically remained on the market for 20 days in August, unchanged from July and up from 16 days in August 2022</li><li>72% of the homes sold in August were on the market for less than a month</li><li>First-time buyers are responsible for 29% of sales in August down from 30% in July, and identical to August 2022. It's the lowest level of first-time buyers was 26% in November 2022</li><li>All cash sales accounted for 27% of transactions in August up from 26% in July and 24% in August 2022</li><li>Distressed sales – foreclosures and short sales represented 1% of sales in August unchanged from last month in the previous year</li><li>According to Freddie Mac the 30 year mortgage rate averaged 7.18% as of September 14 which is up from 7.122% from the prior weekend 6.02% one year ago</li></ul><p>Looking at the 4 separate regions:</p><ul><li><p>Northeast:</p><ul><li>Existing-home sales in August: Unchanged from July, down 22.6% YoY.</li><li>Median price: $465,700, up 5.8% YoY.</li></ul></li><li><p>Midwest:</p><ul><li>Existing-home sales in August: Increased 1.0% from July, down 16.4% YoY.</li><li>Median price: $305,300, up 6.8% YoY.</li></ul></li><li><p>South:</p><ul><li>Existing-home sales in August: Decreased 1.1% from July, down 12.4% YoY.</li><li>Median price: $366,100, up 3.2% YoY.</li></ul></li><li><p>West:</p><ul><li>Existing-home sales in August: Decreased 2.6% from July, down 15.7% YoY.</li><li>Median price: $609,300, up 1.0% YoY.</li></ul></li></ul>

This article was written by Greg Michalowski at www.forexlive.com.