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US – Aug Existing Home Sales
22/09/2022 09:32 am MYT
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Existing home sales fell for the seventh straight month in Aug, down 0.4% month-on-month and 19.9% year-on-year to a seasonally adjusted annual rate (SAAR) of 4.80 mln units (figure 1). First-time buyers accounted for 29% of sales in Aug, down from the 2021 annual share of 34%. The median existing-home price rose 7.7% year-over-year for the 126th straight month to US$389,500.

The single-family homes sales were down 0.9% month-on-month and 19.2% year-on-year to a SAAR of 4.28 mln units in Aug. The median existing single-family home price rose 7.6% year-on-year to US$396,300.

Meanwhile, existing condominium and co-op homes sales were at a SAAR of 520,000 units in Aug, up 4.0% month-on-month but down 24.6% year-on-year. The median existing condo price was US$333,700 in Aug, up 7.8% year-on-year.

Total housing inventory fell 1.5% month-on-month but remained unchanged year-on-year at 1.28 mln units, which represents a supply of 3.2 months at the current monthly sales pace.

Note from Publisher
After months of speculation, the Malaysian prime minister could announce the date of the 15th general election (GE15) as soon as this week. The prime minister is expected to leave for New York to attend the United Nations General Assembly later this week. He has been under a lot of pressure from his own party to dissolve parliament and hold GE15 months ago. The term of the current parliamentarians will expire on 16 Jul 2023. However, if Parliament is not dissolved by then, it will automatically dissolve itself on that day to make way for GE15, which must be held within 60 days, i.e., by 16 Sep 2023.

GE15 is likely to be the most important general election in Malaysia’s history. The country has never been as divided as it is now. No single political party commands majority support on its own. Horse trading behind the scenes has created great uncertainty. Voter sentiment is unclear as well after showing angst and lethargy against the constant quarrels among politicians. What makes sentiment even more unpredictable is the fact that GE15 will see 5.8 mln young people who are 18 years of age voting for the first time. They could sway the election result.

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