In August 2024, existing-home sales fell in the South, West, and Northeast, while the Midwest registered no change. Year-over-year, sales slipped in three regions but remained stable in the Northeast.
emphasis added
Click on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in August (3.86 million SAAR) were down 2.5% from the previous month and were 4.2% below the August 2023 sales rate.
According to the NAR, inventory increased to 1.35 million in August from 1.34 million the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 22.7% year-over-year (blue) in August compared to August 2023.
Months of supply (red) increased to 4.2 months in August from 4.1 months the previous month.
The sales rate was at the consensus forecast. I’ll have more later.