Existing-home sales decreased 2.5% from July to August to a seasonally adjusted annual rate of 3.86 million, according to the National Association of Realtors.
Meanwhile, year-over-year, sales fell 4.2%, down from 4.03 million in August 2023.
Regionally, sales were unchanged in the Midwest, while sales fell 2.0% in the Northeast, 3.9% in the South and 2.7% in the West.
The total housing inventory at the end of August was 1.35 million units, up 0.7% from July. Housing inventory was up 22.7% between August 2023 and August 2024.
“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” NAR Chief Economist Lawrence Yun said in a statement.
The median existing-home price for all housing types in August was $416,700, up 3.1% from one year ago when it was $404,200.
Read the full NAR report here.
