Housing inventory levels rose 1.5% to the highest supply since 1993

Total existing-home sales - including single-family, townhomes, condominiums and co-ops - slipped 0.5% to a seasonally adjusted annual rate of 6.30 million units in August from a level of 6.33 million Ju1y, and were 12.6% lower than the 7.21 million-unit pace in August 2005, which was the second highest on record, according to the National Association of Realtors

The national median existing-home price for all housing types was $225,000 in August, down 1.7% from August 2005. 
Total housing inventory levels rose 1.5% at the end of August to 3.92 million existing homes available for sale, which represents a 7.5-month supply at the current sales pace – the highest supply since April 1993.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.52%, down from 6.76% in July; the rate was 5.82% in August 2005. 

Single-family home sales held at a seasonally adjusted annual rate of 5.51 million in August, unchanged from July, but were 12.3% lower than the 6.28 million-unit pace in August 2005. The median existing single-family home price was $225,700 in August, down 1.7% from a year ago.

Regionally, existing-home sales in the Northeast rose 1.9% to a pace of 1.07 million in August, but were 11.6% below August 2005. The median existing-home price in the Northeast was $271,000, down 3.9% from a year earlier.

Existing-home sales in the West dropped 2.3% to an annual pace of 1.29 million in August, and were 22.8% lower than a year earlier. The median price in the West was $345,000, up 0.3% from August 2005.

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