Despite the drop from a revised 751,000 in July, sales were up 9.8% year-over-year. The report’s key insight is that sales performed better than expected due to lower prices and falling mortgage rates. The South was the only region to see a month-over-month sales increase.
Key price changes:
- Median sales price: Down 4.6% year-over-year to $420,600
- Average sales price: Down 7.1% to $492,700
Sales performance by region:
- Northeast: -27.3% (MoM), -33.3% (YoY)
- Midwest: -5.8% (MoM), +26.6% (YoY)
- South: +2.7% (MoM), +18.0% (YoY)
- West: -17.8% (MoM), -6.7% (YoY)
The supply of new homes increased slightly to 7.8 months at the current sales pace, up from 7.3 months in July.
