MetroIntelligence Economic Update by P. DUFFY
Existing home sales fall 2.0 percent in August and 1.5 percent year-on-year
Existing-home sales dropped 2% on a seasonally adjusted annual rate from July to August, and were down 1.5% year-on-year. The inventory of unsold homes decreased 1.5% to 1.29 million from July to August – equivalent to 2.6 months of the monthly sales pace, the same as July. The median existing-home sales price rose at a year-over-year pace of 14.9%.
August housing starts up 3.9 percent from July and 17.4 percent year-on-year
Housing starts in August were at a seasonally adjusted annual rate of 1,615,000. This is up 3.9 percent from July and 17.4 percent year-on-year. However, single‐family housing starts in August were at a rate of 1,076,000; this is down 2.8 percent from July.
August building permits rose 6.0 percent from July and 13.5 percent year-on-year
Building permits in August were at a seasonally adjusted annual rate of 1,728,000. This is up 6.0 percent from July and 13.5 percent above the August 2020 rate. Single‐family authorizations in August were at a rate of 1,054,000; this is up 0.6 percent from July.