MetroIntelligence Economic Update by P. DUFFY
Existing home sales drop 0.4 percent in August and 19.9 percent year-on-year
Existing-home sales decreased for the seventh straight month to a seasonally adjusted annual rate of 4.80 million. Sales tailed off 0.4% from July and 19.9% from the previous year. The median existing-home sales price rose 7.7% from one year ago to $389,500. After five successive monthly increases, the inventory of unsold existing homes dwindled to 1.28 million by the end of August, or the equivalent of 3.2 months at the current monthly sales pace.
Housing starts up 12.2 percent in August, nearly flat year-on-year
August housing starts were at an annual rate of 1,575,000, up 12.2 percent from July and nearly flat year-on-year, falling just 0.1 percent. Single?family housing starts in August were at a rate of 935,000; this is 3.4 percent above the revised July figure of 904,000. The August rate for units in buildings with five units or more was 621,000.
Building permits fall 10.0 percent in August and 14.4 percent year-on-year
August building permits were at an annual rate of 1,517,000, down 10.0 percent from July and 14.4 percent year-on-year. Single?family authorizations in August were at a rate of 899,000; this is 3.5 percent below the revised July figure of 932,000. Authorizations of units in buildings with five units or more were at a rate of 571,000 in August.