AI-Summary – News For Tomorrow
U.S. home sales continue to struggle, with August closings down and projected to match 1995’s low of 4 million annual sales due to high prices and interest rates. The Calculated Risk blog highlights a 27% drop in closed sales nationally since 2019, with cities like Las Vegas and San Diego experiencing significant declines. While August prices rose by 2%, slight declines in interest rates may lead to increased September sales. Limited options persist for middle-income homebuyers. The National Association of Realtors is expected to release September home sales data on October 23.
News summary provided by Gemini AI.
Home sales closings dropped in August and remain well below pre-pandemic levels as high prices and interest rates weighed on the market, according to an analysis this week by the Calculated Risk blog.
Home sales are on track for the worst year in decades, matching the 4 million annual sales in 1995, according to a separate realtor.com report Sept. 25.
Homebuying options remain slim for middle-income earners
Closed sales were down 1.8% nationally compared with August 2024, with the largest decreases in Las Vegas (down 16%), San Diego, California (down 10%), Grand Rapids, Michigan (down 9.5%), and Jacksonville, Florida (down 9.4%). Nationally, closed sales are down 27% since 2019.
September sales should be up from 2024 because interest rates declined slightly, according to a statement from the Calculated Risk blog. August prices rose 2% compared with 2024. Home sales for September are scheduled for release Oct. 23 by the National Association of Realtors.
Stateline reporter Tim Henderson can be reached at [email protected].
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