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Existing-home sales retreat, prices keep rising

In August, existing home sales in the U.S. experienced a decline, dropping by 0.7% from July to a seasonally adjusted annual rate of 4.04 million, according to the National Association of Realtors. This figure represents a 15.3% decrease compared to August of the previous year, marking the slowest sales pace since January 2023. High mortgage rates, which have been above 7% since early August, have significantly impacted affordability, deterring potential buyers. The median existing-home price for the month was $407,100, a slight increase of 3.9% from the previous year. Regionally, sales decreased in the Northeast and Midwest but saw slight increases in the South and West. Despite the sales slump, the inventory of unsold existing homes rose by 14.1% from the previous August, totaling 1.1 million homes at the end of August, which represents a 3.3-month supply at the current sales pace.

Read the Full wgme Article at:
[ https://wgme.com/money/mortgages/existing-home-sales ]