Courtesy of the National Association of REALTORS®.

Existing-home sales declined in August, reversing an uptick in July, the National Association of REALTORS® (NAR) said.       

Specifically, sales slid 2.5% from July to a seasonally adjusted annual rate of 3.86 million. Year over year, sales were down 4.2% from 4.03 million in August 2023. 

The median existing-home price for all housing types in August was $416,700, up 3.1% from $404,200 a year before.           

The 30-year, fixed-rate mortgage averaged 6.2% as of Sept. 12, according to Freddie Mac. That’s down from 6.35% a week before and 7.18% a year earlier.   

“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” NAR Chief Economist Lawrence Yun said in a press release. “The homebuying process, from the initial search to getting the house keys, typically takes several months.”  

By property type, single-family home sales declined 2.8% month over month to a seasonally adjusted annual rate of 3.48 million. The median existing single-family home price was $422,100, up 2.9% on a year-over-year basis.

Existing condominium and co-op sales were flat compared to July, at an annual rate of 380,000. The median existing condo price was $366,500, up 3.5% from August 2023.

Homes typically remained on the market for 26 days in August, up from 24 days in July and 20 days in August 2023.