Existing home sales edged down by 0.2% in August to a seasonally adjusted annual rate of 4.0 million. Year-over-year, sales increased 1.8%. Month-over-month, sales increased in the Midwest and West, and fell in the Northeast and South.
“Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory,” said NAR Chief Economist Lawrence Yun. “However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.”
Total housing inventory registered at the end of August was 1.53 million units, down 1.3% from July but increased 11.7% from one year ago (1.37 million). Unsold inventory sits at a 4.6-month supply at the current sales pace, no change from July and up from 4.2 months in August 2024.
The median existing home price for all housing types in August was $422,600, up 2% from one year ago ($414,200), the 26th consecutive month of year-over-year price increases.
Distressed sales, foreclosures and short sales, represented 2% of sales in August, unchanged from July and up slightly from 1% in August 2024.
Read the NAR release.
