By the Numbers
The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.
The increase was driven by a 21.6% month-over-month spike in the rate of new multifamily construction. Single-family housing starts, meanwhile, slid 2.8%.
September’s reading of 76 was up one point from August, despite lingering challenges with labor and the building-material supply chain, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.
Month over month, home sales were down 3.5%, and the median sale price declined 1.2% to $335,000.
August home sales fell for the first time in 12 months as median sales prices of both single-family homes and condominiums declined or stayed flat last month.
Pending home sales in August rose just 9%, the slowest growth since June 2020, according to a new Redfin report.
A decline in new home listings has had little impact on the market as far as demand is concerned, according to a recent Redfin report.
Housing inventory fell in Boston during August, while housing starts and existing-home sales rose.
Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
“Much of the home-sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter-homes available.” — NAR chief economist Lawrence Yun