Existing-home sales in August remained steady, with a slight 0.2% decrease from July, according to the National Association of REALTORS®. Sales increased in the Midwest and West, but fell in the Northeast and South. The median home price for all housing types was $422,600, up 2.0% from last year. Affordable home sales are still constrained due to limited inventory, but the Midwest saw the best performance with a 2.1% increase in sales. Mortgage rates are declining and more inventory is expected to boost sales in the coming months. Year-over-year, sales increased by 1.8%. The National Association of Realtors (NAR) tracks home sales trends using various sources to capture changes outside of MLS data. Existing-home sales are different from new single-family home sales, leading to discrepancies in monthly movements. Seasonally adjusted annual rates are used to factor out seasonal variations. Single-family and condo data have been collected separately before being combined in 1999. Median prices are more typical of market conditions, with yearly comparisons providing more accurate data. The national median condo/co-op price is often higher due to concentrated markets. Distressed sales, days on market, and other factors are surveyed monthly by NAR.

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