Existing-home sales in the US dropped 2.5% in August, but prices rose and inventory increased.

From GlobeNewswire: 2024-09-19 10:00:00

Existing-home sales in the United States decreased by 2.5% in August to a rate of 3.86 million. The median sales price rose to $416,700, marking the 14th consecutive month of year-over-year increases. Inventory improved by 0.7%, reaching 1.35 million homes or a 4.2 months’ supply. Despite the decline in sales, lower mortgage rates and increasing inventory are expected to drive future growth, according to NAR Chief Economist Lawrence Yun. Additional data includes a breakdown by region, with the South experiencing the largest decline in sales at 3.9%. First-time buyers accounted for 26% of purchases, matching an all-time low seen in 2021.



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