US existing-home sales fell 2 per cent in August and 1.2 per cent from a year earlier, reaching an annual pace of 3.98 million. National Association of Realtors data marked a third consecutive monthly decline. Associated Press reported that rising mortgage rates and home prices weighed on buyers, taking sales to their slowest pace in more than a year.
The National Association of Realtors said US existing-home sales fell 2.0 per cent in August to a seasonally adjusted annual rate of 3.98 million. Sales were down 1.2 per cent from a year earlier. Associated Press reported that this was the third consecutive monthly decline and the slowest sales pace since June 2025. The result was also slightly below the roughly 4 million pace expected by economists surveyed by FactSet.[1], [2]
Housing inventory at the end of August reached 1.62 million units, up 3.2 per cent from July and 5.9 per cent from a year earlier. At the current sales pace, that stock represented 4.9 months of supply, compared with 4.6 months in July. Even so, the median sales price rose 1.6 per cent over the year to 429,100 dollars. More homes remaining on the market did not produce a fall in prices during the month.[1]
National Association of Realtors chief economist Lawrence Yun said mortgage rates and home sales move in opposite directions and that rising rates since February explained the mild decline in buying activity. Associated Press reported that sales have mostly hovered near a 4 million pace since 2023, well below the historical norm of about 5.2 million. Homes took an average of 31 days to sell in August, up from 29 days in July. The share of first-time buyers also increased from 29 per cent to 30 per cent.[1], [2]
