Last month, first-time buyers accounted for only 29% of home sales, the lowest share since January 2019. Still, rising home prices remain a significant hurdle for many aspiring homeowners. “The huge price gains that we have been observing in the first half of the year, those are over, and price trends are clearly moderating,” Yun said, adding he expects the typical home bought last month will only appreciate about 5% a year from now. That annual gain was more modest than the 20%-25% year-over-year increases seen earlier this year. The median home price rose to $356,700, an increase of 14.9% from August 2020. Home prices continued to climb last month, though at a less torrid pace. “So, clearly home sales are settling down, but above pre-pandemic conditions,” said Lawrence Yun, the NAR’s chief economist. Sales are also up about 12% from where they were in the first eight months of 2019.
As of last month, sales were running 16% higher this year than in the same stretch of 2020, before a surge in sales as the market bounced back from a slowdown in the initial months of the pandemic.
That’s slightly more than the 5.87 million economists were expecting, according to FactSet. homes fell in August and prices that have been soaring eased, the latest sign the housing market is cooling as intense competition leaves many would-be buyers on the sidelines.Įxisting homes sales fell 2% last month from July to a seasonally-adjusted annual rate of 5.88 million units, the National Association of Realtors said Wednesday.
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