Existing Home Sales Flat in August, But Signs of Growth Ahead

According to the National Association of Realtors (NAR), sales of previously owned homes were flat in August compared to the prior month. Nationally, sales dipped just 0.2% month-over-month, with regional differences shaping the overall picture:

• 📈 Midwest and West: Home sales increased.

• 📉 Northeast and South: Sales declined.

NAR Chief Economist’s Outlook

Lawrence Yun, NAR’s Chief Economist, pointed to challenges in recent years but also highlighted reasons for optimism:

“Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory. However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.”

Housing Supply on the Rise

Inventory remains a key factor. The NAR report shows:

• 4.6-month supply of unsold homes in August, compared with a 4.2-month supply one year earlier.

• More homes on the market may improve affordability and buyer choice as rates stabilize.

Home Prices Continue to Climb

Even with sales volume holding steady, prices continue to move upward:

• Median price of existing homes in August: $422,600.

• This is a 2% increase from August last year, when the median price was $414,200.

What This Means for Buyers and Sellers

For homebuyers, declining mortgage rates paired with growing inventory may open more opportunities in the months ahead. For sellers, prices remain strong, with steady demand supporting home values.