In August, sales of existing homes in the US fell to 3.98 million units on a seasonally adjusted annual basis. This figure represents a 2.0% decline from July and a 1.2% decrease compared to the same period last year, according to the National Association of Realtors.
Inventory levels reached 1.62 million available homes, marking a 3.2% increase from July and a 5.9% rise year-over-year. This is the highest supply level since November 2019, providing a 4.9-month supply of homes, which remains below the six-month benchmark for a balanced market.
Despite the drop in sales, the median price for an existing home rose to $429,100, a 1.6% annual increase. This month marks the 38th consecutive period of year-over-year price growth in the American housing market.
Regional data shows sales declines in the Northeast, Midwest, and South, while the West remained stable. Despite monthly volatility, cumulative sales through August are 1.6% higher than the same period in the previous year.
Economic factors continue to influence buyer behavior. Wages grew by 3.1% in August, and employers have added 643,000 net new jobs year-to-date, providing financial support to buyers despite the pressure from high mortgage rates.
