Existing home sales declined 0.7% in August

Existing-home sales fell 0.7% in August to a seasonally adjusted annual rate of 4.04 million, according to the National Association of Realtors (NAR). Sales dropped 15.3% year-over-year, down from 4.77 million in August 2022.

“Home sales have been stable for several months, neither rising nor falling in any meaningful way,” said NAR Chief Economist Lawrence Yun. “Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run.”

Total housing inventory decreased 0.9% in August to 1.1 million units and was down 14.1% year-over-year (1.28 million). The median existing-home price for all housing types in August increased to $407,100, an increase of 3.9% from August 2022 ($391,700). Prices rose in all four U.S. regions.

Distressed sales – foreclosures and short sales – represented 1% of sales in August, unchanged from last month and the previous year.

Read the NAR release.