Steel Markets
September 22, 2020
Existing-Home Sales and Prices Rise, Inventory Dips
Written by Sandy Williams
Existing-home sales in the U.S. rose for the third consecutive month in August to their highest level in nearly 14 years. The National Association of Realtors reports a 2.4 percent increase in sales from July to a seasonally adjusted annual rate of 6.0 million and a 10.5 percent leap compared to August 2019.
The median sale price for an existing home rose 11.4 percent year-over-year to $310,600 with prices jumping by double-digit percentage across all regions. Housing inventory slipped 0.7 percent to 1.49 million units for a three-month supply at the current sales rate.
