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. Year-over-year, existing home sales were down 15.3%.
Regionally, existing home sales declined 2.6% in the West and 1.1% in the South month-over-month. Existing home sales grew 1.0% in the Midwest and were unchanged in the Northeast compared with July.
“Home sales have been stable for several months, neither rising nor falling in any meaningful way,” NAR Chief Economist Lawrence Yun said in a statement. “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.”
The median existing home sale price grew 3.9% year-over-year to $407,100 in August, marking the third consecutive month of median sales above $400,000. Inventory of existing home sales declined 0.9% from July to 1.1 million, a 3.3-month supply at the current sales pace.
The full NAR report can be found here.