US EditionUS home sales sluggish in August despite late-summer mortgage rate slide
August home sales fell 0.2% from July but rose 1.8% year over year as median prices hit $422,600, marking 26 consecutive months of annual gains, the National Association of Realtors said.
- The National Association of Realtors indicated that sales of existing homes in the U.S. decreased slightly by 0.2% in the past month, reaching an annual pace of 4 million units after adjusting for seasonal factors.
- The sales decline follows a housing market slump since 2022 driven by climbing mortgage rates from historic lows and constrained affordable home inventory.
- Transactions for properties valued over $1 million rose by 8% compared to last year, while those for homes under $100,000 fell by more than 10%, with the Midwest leading due to its more affordable housing market.
- In August, the national median sales price reached $422,600, reflecting a 2% increase compared to the previous year and marking over two years of continuous annual growth; this also represents the highest median price recorded for August since 1999.
- Despite a recent interest rate cut and declining mortgage rates boosting purchasing power, ongoing high borrowing costs and low inventory suggest home sales may remain sluggish in coming months.
35 Articles
35 Articles
Home sales drop in August despite mortgage rate slide
Sales of previously occupied U.S. homes remained sluggish in August, even as a late-summer slide in mortgage rates brought home loan borrowing costs to a 10-month low. Existing home sales slipped 0.2% last month from July to a seasonally adjusted annual rate of 4 million units, the National Association of Realtors said Thursday. That’s the slowest sales pace since June. Sales rose 1.8% compared with August last year. The latest sales figure topp…
US Home Sales Sluggish In August Despite Late-Summer Mortgage Rate Slide
Sales of previously occupied U.S. homes remained sluggish in August, even as a late-summer slide in mortgage rates brought home loan borrowing costs to a 10-month low. Existing home sales slipped 0.2% last month from July to a seasonally adjusted annual rate of 4 million units, the National Association of Realtors said Thursday. That’s the slowest sales pace since June. Sales rose 1.8% compared with August last year. The latest sales figure topp…
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