News

Existing home sales edged down 0.2% in August but increased 1.8% over the year. Housing inventory stepped down to 1.53 million units, reflecting a 1.3% decline from July but an 11.7% jump from last year. The median existing home price was $422,600, up 2.0% from last year. The Midwest and West posted monthly increases in existing home sales, while the Northeast and South registered declines in August.

Single-family home sales inched down 0.3% in August, but rose 2.5% over the year, with the median price increasing 1.9% from August 2024 to $427,800. Condo and co-op sales stayed the same over the month at 370,000 units in August but declined 5.1% from last year. Meanwhile, the median price for condos and co-ops stepped up 0.6% from the prior year to $366,800.

Homes were typically on the market for 31 days in August, up from 28 days in July and 26 days in August 2024. First-time buyers made up 28% of sales in August, the same as July but up from 26% in August 2024.