Existing-home sales fell 0.2% from July to August to a seasonally adjusted annual rate of 4 million, according to the National Association of Realtors. Year-over-year sales increased 1.8%.
The inventory of unsold existing homes decreased 1.3% from the previous month to 1.53 million in August. Inventory was up 11.7% from August 2024.
Unsold inventory sits at a 4.6-month supply, which is unchanged from July and up 4.2 months from August 2024.
The median existing-home sales price rose 2% year-over-year to $422,600, the 26th consecutive month of year-over-year price increases.
"Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory," NAR Chief Economist Lawrence Yun said in a statement. "However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months."
Read the full report here.
