US existing home sales fell in August as mortgage rates stayed high

Sales of previously owned homes in the US slipped 2% in August from July to a seasonally adjusted annual rate of 3.98 million, according to the National Association of Realtors. The pace was the slowest since June 2025 and was weaker in the Northeast and Midwest. The report said demand remains pressured by higher mortgage rates and elevated home prices. Rates rose sharply in midJuly, which likely affected contracts signed in June and July, before closing in August. At the end of August, inventory reached 1.62 million homes for sale, the highest supply level in more than a decade. Even with more homes on the market, the median existinghome price rose 1.6% from a year earlier to $429,100, a record for August. Sales were strongest at the high end of the market, while homes priced between $100,000 and $250,000 saw declines. Properties also stayed on the market a little longer, averaging 31 days in August, and investors and secondhome buyers represented a smaller share of sales than a year ago.