Existing-Home Sales Fall in August

While the new-home market saw improved sales in August, sales in the existing-home market were down. According to the National Association of Home Builders’ Existing-Home Sales Report, sales in August were down by 0.2% compared with July, and compared with the same time last year, they were up by just 1.8%. A similar trend was observed across the single-family housing market. For single-family homes, existing-home sales were down by 0.3% month-over-month and were up by 2.5% in August 2024.

"Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory," said NAR Chief Economist Lawrence Yun. "However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months."

"Record-high housing wealth and a record-high stock market will help current homeowners trade up and benefit the upper end of the market. However, sales of affordable homes are constrained by the lack of inventory. The Midwest was the best-performing region last month, primarily due to relatively affordable market conditions. The median home price in the Midwest is 22 percent below the national median price."