Existing-home sales remained essentially the same in August, ticking down by 0.2% from July, according to the National Association of REALTORS® Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and home buyers and sellers, with data on the level of home sales, price, and inventory. 

"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," Yun added. "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."

National Snapshot

Total Existing-Home Sales for August

• 0.2% decrease in total existing-home salesmonth-over-month to a seasonally adjusted annual rate of 4.0 million.
• 1.8% increase in sales year-over-year.

• 1.53 million units: Total housing inventory, down 1.3% from July and up 11.7% from August 2024 (1.37 million).
• 4.6-month supply of unsold inventory, no change from July and up from 4.2 months in August 2024. 

Median Sales Price in August

• $422,600: Median existing-home pricefor all housing types, up 2.0% from one year ago ($414,200) – the 26th consecutive month of year-over-year price increases.

Single-Family and Condo/Co-op Sales

Single-Family Homes in August

• 0.3% decrease in sales to a seasonally adjusted annual rate of 3.63 million, up 2.5% from August 2024.
• $427,800: Median home price in August, up 1.9% from last year. 

Condominiums and Co-ops in August 

• No change month-over-month; sales remain at a seasonally adjusted annual rate of 370,000 units, down 5.1% year-over-year.
• $366,800: Median price, up 0.6% from August 2024. 

Regional Snapshot for Existing-Home Sales in August

Northeast 

• 4.0% decrease in sales month-over-month to an annual rate of 480,000, down 2.0% year-over-year.
• $534,200: Median price, up 6.2% from August 2024. 

Midwest 

• 2.1% increase in sales month-over-month to an annual rate of 960,000, up 3.2% year-over-year.
• $330,500: Median price, up 4.5% from August 2024. 

South 

• 1.1% decrease in sales month-over-month to an annual rate of 1.83 million, up 3.4% year-over-year.
• $364,100: Median price, up 0.4% from August 2024. 

West 

• 1.4% increase in sales month-over-month to an annual rate of 730,000, down 1.4% year-over-year.
• $624,300: Median price, up 0.6% from August 2024. 

REALTORS® Confidence Index for August

• 31 days: Median time on market for properties, up from 28 days last month and 26 days in August 2024.
• 28% of sales were first-time homebuyers, unchanged from July and up from 26% in August 2024.
• 28% of transactions were cash sales, down from 31% a month ago and up from 26% in August 2024.
• 21% of transactions were individual investors or second-home buyers, up slightly from 20% last month and 19% in August 2024.
• 2% of sales were distressed sales(foreclosures and short sales), unchanged from July and up slightly from 1% in August 2024. 

Mortgage Rates

• 6.59%: The average 30-year fixed-rate mortgage in August, according to Freddie Mac, down from 6.72% in July and 6.50% one year ago.

About the National Association of REALTORS®

The National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict code of ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.