Existing home sales in the United States declined by 2.5% in August compared to the previous month and stood at a seasonally adjusted annual rate of 3.86 million, according to a report issued by the National Association of Realtors (NAR) on Thursday. On an annual level, the sales decreased by 4.2%.
The median existing-home sales price for all housing types climbed by 3.1% year over year to stand at $416,700. Total housing inventory at the end of August was at 1.35 million units, gaining 0.7% in comparison with the prior month and 22.7% compared to August 2023.
"Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months," NAR Chief Economist Lawrence Yun commented and added that the entire home-buying process "typically takes several months."
