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2h ago

U.S. Housing Splits: Existing Sales Flat as New-Home Purchases Jump 20.5%

A lasting rebound still hinges on lower rates plus rising supply.

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

  • Existing-home sales slipped 0.2% in August to a 4.00 million annual pace, while the median price rose 2.0% year over year to $422,600, marking a 26th straight annual gain.
  • New single-family home sales surged to a 800,000 annual rate in August, up 20.5% on the month and 15.4% on the year, a volatile series that analysts say is prone to revision.
  • Mortgage rates eased to roughly 6.26% on a 30-year fixed loan, improving affordability for some buyers but remaining high relative to pandemic-era lows.
  • Existing-home inventory stood at 1.53 million, equal to 4.6 months of supply, with properties taking a median 31 days to sell as first-time buyers held at 28% of transactions.
  • Regional performance diverged, with the Midwest stronger and the Northeast and South weaker, and Greater Boston staying sluggish with 1,077 single-family sales and a $935,000 median price despite lower rates.