Sales of previously owned homes declined 2% in August from July to a seasonally adjusted annualized rate of 5.88 million units, according to the National Association of Realtors.
Sales were 1.5% lower than August 2020 for the first annual decline in 14 months. Sales, however, are still above pre-pandemic levels.
These numbers are a count of home closings and are based on contracts likely signed in June and July.
“The housing sector is clearly settling down,” said Lawrence Yun, chief economist for the Realtors, who called last year’s super surge “an anomaly.”
The supply of homes for sale fell 1.5% month to month to 1.29 million at the end of August. Compared with August 2020, inventory is down 13%, but that comparison has been steadily shrinking for several months. At the current sales pace there was a 2.6-month supply.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.