Existing Home Sales at Highest Level in 14 Years
The National Association of Realtors reports an Annualized Sales Rate of 6 Million in August, the highest since December of 2006.
- Median Price: The median existing-home price for all housing types in August was $310,600, up 11.4% from August 2019 ($278,800), as prices rose in every region. August’s national price increase marks 102 straight months of year-over-year gains.
- Lumber: "Over recent months, we have seen lumber prices surge dramatically,” Yun said. “This has already led to an increase in the cost of multifamily housing and an even higher increase for single-family homes."
- Inventory Total housing inventory at the end of August totaled 1.49 million units, down 0.7% from July and down 18.6% from one year ago (1.83 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in July and down from the 4.0-month figure recorded in August 2019.
- Fire Impact: Yun, says the inventory issue has worsened in the past month due to the dramatic surge in lumber prices and the dearth of lumber resulting from California wildfires.
- Sales Time: Properties typically remained on the market for 22 days in August, seasonally equal to the number of days in July and down from 31 days in August 2019. Sixty-nine percent of homes sold in August 2020 were on the market for less than a month.
Regional Sales Breakdown
- Northeast: Existing-home sales in the Northeast jumped 13.8%, recording an annual rate of 740,000, a 5.7% increase from a year ago. The median price in the Northeast was $349,500, up 10.4% from August 2019.
- Midwest: Existing-home sales increased 1.4% in the Midwest to an annual rate of 1,410,000 in August, up 9.3% from a year ago. The median price in the Midwest was $246,300, a 10.7% increase from August 2019.
- South: Existing-home sales in the South rose 0.8% to an annual rate of 2.60 million in August, up 13.0% from the same time one year ago. The median price in the South was $269,200, a 12.3% increase from a year ago.
- West: Existing-home sales in the West inched up 0.8% to an annual rate of 1,250,000 in August, a 9.6% increase from a year ago. The median price in the West was $456,100, up 11.8% from August 2019.
Existing Home Sales Median Price
Fed Bubble Blowing
If you don't want to see evidence of Fed bubble blowing, then please don't look at a chart of median sales prices.
Also recall that The Fed Now Owns Nearly One Third of All US Mortgages.