August, the latest month for which data is available, saw a 1.7% decrease in existing-home sales nationwide, pulled down by extreme weather events in the southern states; this is the 4th month in the last five where home sales have decreased. A national map of home sales over the last year can be viewed here.
- The national labor market continued tightening in the month of August, boosting nominal wages.
- The average commitment rate for a 30-year fixed-rate mortgage fell to 3.88%, its lowest rate since November of 2016.
- Total housing inventory has declined 6.5% since last August, the continuation of a 27 month streak of falling inventory.
- Existing-home sales in the South decreased 5.7 percent to an annual rate of 2.15 million in August, and are now 0.9 percent lower than a year ago. The median price in the South was $220,400, up 5.4 percent from a year ago.
To watch a complete review of market conditions by the National Association of REALTORS' resident Economist, Dr. Yun, click here.