From CNBC: 2024-09-19 11:53:08

Sales of previously owned homes fell 2.5% in August to a rate of 3.86 million units, below analyst expectations and 4.2% lower than August 2023. The average rate on a 30-year fixed loan was 6.7% in July. Inventory slightly improved with 1.35 million units, up 0.7% from July but still a 4.2-month supply.

Chief economist Lawrence Yun stated that increasing inventory and lower mortgage rates will help increase home sales in the future. The median price for existing homes in August was $416,700, the highest ever for August. Tight supply is causing prices to increase, with sales up for homes priced above $750,000 but down for those below $500,000.

First-time buyers accounted for just 26% of August sales, matching the record-low from November 2021. All-cash sales made up 26%, slightly lower than last year. Mortgage rates fell to 6.15%, the lowest in two years, providing a favorable environment for buyers.



Read more at CNBC: August home sales drop more than expected, as prices set a new record