March 24, 2017

Home Sales Remain Stagnant

The annual rate of home sales in August was unchanged from the July rate of 288,000 – the lowest rate on record and 28.9% less than the August 2009 rate. A record low mortgage rate of 4.32% failed to spur new buyers in August. Additionally, home sales have contracted since the expiration of the first-time home buyer tax credit on April 30th. Unsurprisingly, April is by far the best month for home sales so far in 2010 with an annual rate of 414,000, according to a report [.pdf] released today from Housing Department. Home sales in the Midwest have decreased 38.2% since August of 2009 – the most of any other region in the US, as the chart below shows.

Home sales remained sluggish in August.

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