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Home Sales Begin to Cool in the U.S.

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According to the National Association of Realtors, Existing-home sales retreated in August 2021, breaking two straight months of increases. Each of the four major U.S. regions experienced declines on both a month-over-month and a year-over-year perspective.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 2.0% from July to a seasonally adjusted annual rate of 5.88 million in August. Year-over-year, sales dropped 1.5% from a year ago (5.97 million in August 2020).

“Sales slipped a bit in August as prices rose nationwide,” said Lawrence Yun, NAR’s chief economist. “Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory.”

Total housing inventory at the end of August totaled 1.29 million units, down 1.5% from July’s supply and down 13.4% from one year ago (1.49 million). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from July but down from 3.0 months in August 2020.

Read more: https://www.worldpropertyjournal.com/real-estate-news/united-states/denver-real-estate-news/real-estate-news-august-2021-home-sales-data-lawrence-yun-national-association-of-realtors-nar-existing-home-sales-report-12734.php

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