Boosted by low mortgage rates, existing home sales, released by the National Association of Realtors (NAR), rose to 17-month high in August.
Total existing home sales in the US for August 2019, climbed +1.3% to a seasonally adjusted annual rate of 5.49 million, the largest gain since March 2018.
On a year-over-year basis, sales were +2.6% up than a year ago.
The first-time buyer share fell to 31% in August from 32% last month but remained unchanged from a year ago. The August inventory decreased to 1.86 million units from 1.90 million units both in July and 1.91 million units a year ago. At the current sales rate, the August unsold inventory represents a 4.1-month supply, down from a 4.2-month supply last month and 4.3-month a year ago.
Homes stayed on the market for an average of 31 days in August, up from 29 days both last month and a year ago. In August, 49% of homes sold were on the market for less than a month.
The August all-cash sales shared 19% of transactions, unchanged from last month but down from 20% a year ago.
The August median sales price of all existing homes was US$278,200, up +4.7% from a year ago, representing the 90th consecutive month of year-over-year increases.
The median existing condominium/co-op price of US$257,600 in August was up +5.2% from a year ago.