The sale of existing homes dropped for the first time in two months, according to the National Association of Realtors. Existing home sales for August were down 1.5 percent from the same month in 2020 and down 2 percent from July 2021. Home sales for August totaled $588 million.
“Sales slipped a bit in August as prices rose nationwide,” says Lawrence Yun, NAR’s chief economist. “Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory.”
Inventory was down 1.5 percent from July 2021. Increasing home prices are also keeping many buyers out of the market, with the median existing home prices topping $356,700 in August, up 14.9 percent from August 2020. Home prices have risen 114 months in a row. First-time homebuyers accounted for only 29 percent of sales in August, down from 30 percent in July and 33 percent in August 2020.
Even with the decline in home sales, plenty of homebuyers are still making purchases and potentially engaging in DIY projects. Capture this audience by merchandising and stocking the products your customers need to complete the most popular DIY projects from Q3.