US Existing-Home Sales Slip 2.5% in August

On Thursday, the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined 2.5% in August to a seasonally adjusted annual rate of 3.86 million. Year-over-year, sales retracted 4.2%, down from 4.03 million.

Three out of four major regions posted declines in August, while the Midwest registered no change. Year-over-year, sales slipped in three regions but remained stable in the Northeast.

Total housing inventory registered at the end of August was 1.35 million units, up 0.7% from July and 22.7% from a year ago (1.1 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, up from 4.1 months in July and from 3.3 months in August 2023.

The median existing-home price for all housing types in August was $416,700, up 3.1% from one year ago ($404,200). All four regions posted price increases.

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 26 days in August, up from 24 days in July and from 20 days in August 2023.