Existing home sales decreased 0.7% month-over-month in August to a seasonally adjusted annual rate of 4.04 million (consensus 4.10 million) from an unrevised 4.07 million in July. Sales were down 15.3% from the same period a year ago.
The key takeaway from the report is that existing home sales continue to be crimped by a confluence of factors: higher mortgage rates and higher prices that are hurting affordability; limited supply; a lack of mobility due to remote work opportunities; and disinterest in moving by existing homeowners who are reluctant to give up a low-rate mortgage for a higher-rate mortgage.