"Sales of previously occupied U.S. homes remained sluggish in August, even as a late-summer slide in mortgage rates brought home loan borrowing costs to a 10-month low. Existing home sales slipped 0.2% last month from July to a seasonally adjusted annual rate of 4 million units, the National Association of Realtors said Thursday. That's the slowest sales pace since June. Sales rose 1.8% compared with August last year."
"The national median sales price increased 2% in August from a year earlier to $422,600. That's the 26th consecutive month that home prices have risen on an annual basis and the highest median sales price for any August on data going back to 1999. The U.S. housing market has been in a sales slump since 2022, when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years."
Existing home sales in the U.S. fell 0.2% in August from July to a seasonally adjusted annual rate of 4 million units, the slowest pace since June, while rising 1.8% year-over-year. The national median sales price rose 2% from a year earlier to $422,600, marking the 26th consecutive month of annual price increases and the highest August median on record since 1999. The housing market has been in a slump since 2022 as mortgage rates climbed from historic lows, and sales last year hit their lowest level in nearly 30 years. Mortgage rates declined mostly since late July ahead of a Fed rate cut, but borrowing costs remain high relative to pre-pandemic prices, with the median home price substantially above 2019 levels.
Read at Fast Company
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