Existing-home sales in August 2022 dropped to the lowest level since May 2020.
The numbers: U.S. existing-home sales fell 0.4% to a seasonally adjusted annual rate of 4.8 million in August, the National Association of Realtors said Wednesday.Economists polled by the Wall Street Journal were expecting a steeper decline in existing-home sales to 4.68 million.Excluding the recession, the level of sales activity was lowest since November 2015.Key details: Existing-home prices moderated.
Homes remained on the market for 16 days on average, up from 14 days in July. Pre-pandemic, the average time for homes to remain on the market was a month.Sales of existing-home increased in the Northeast and the West, but sales fell surprisingly in the Midwest. Sales in the south were unchanged. “The housing market is showing an immediate impact from the changes of monetary policy,” Lawrence Yun, chief economist at the National Association of Realtors said.To be clear, homes are still expensive. And borrowing costs are elevated, with the average contract rate for a 30-year fixed-rate mortgage at 6.25%, according to the Mortgage Bankers Association.“Homeowners are loving their low interest rates… they do not want to give up that 3% mortgage rate” and move, he said.
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