Sales of previously owned houses in the US rose 1.3 percent from the previous month to a seasonally adjusted annual rate of 5.49 million in August 2019, the highest level since March 2018 and above market expectations of 5.37 million. Buyers are benefiting from lower mortgage rates, low unemployment, rising wages and slower house price inflation. Sales of single family homes advanced 1.2 percent to 4.90 million, following a 2.8 percent jump in the previous month; and sales of condos increased 1.7 percent to 0.59 million, after being unchanged in July. The median house price stood at $278,200 in August, compared to $280,400 in July and $265,600 a year earlier. The months' worth of supply fell to 4.1 from 4.3. Year-on-year, existing home sales rose 2.6 percent, the second consecutive month of annual gains. Existing Home Sales in the United States averaged 3965.47 Thousand from 1968 until 2019, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970.
Existing Home Sales in the United States is expected to be 5400.00 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Existing Home Sales in the United States to stand at 5200.00 in 12 months time. In the long-term, the United States Existing Home Sales is projected to trend around 4700.00 Thousand in 2020, according to our econometric models.