By the Numbers
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
“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi
Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.