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1h ago

U.S. Existing-Home Sales Stay Soft in August as Rates Ease, Prices Keep Rising

Lower borrowing costs have not restored affordability enough to revive demand.

An aerial view of new residential housing under construction at a planned community on September 17, 2025 in Fontana, California. (Photo by Mario Tama/Getty Images)
A "For Sale" sign stands in front of a house, on the North Shore of Long Island city of Glen Cove, New York, U.S., August 12, 2025. REUTERS/Shannon Stapleton/File Photo
FILE - A development of new homes in Eagleville, Pa., is shown on April 28, 2023. (AP Photo/Matt Rourke, File)
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Overview

  • Sales slipped 0.2% from July to a 4.00 million annual pace, the slowest since June, according to the National Association of Realtors.
  • The median existing-home price rose 2% year over year to $422,600, extending the streak of annual gains to 26 months.
  • The average 30-year fixed mortgage rate recently fell to about 6.26%, the lowest since last fall, Freddie Mac data show.
  • Total inventory edged down 1.3% to 1.53 million homes, equal to 4.6 months of supply at the current sales pace.
  • Sales rose in the Midwest and West but fell in the Northeast and South, while buyer mix showed 28% all-cash deals, 21% investors, and 28% first-time purchasers.