US existing home sales fall 2% in August to slowest pace in over a year
In August, U.S. existing home sales fell 2% month-over-month to a seasonally adjusted annual rate of 3.98 million units, the slowest pace since June 2025, according to the National Association of Realtors. Mortgage rates reached their highest level in over a year, peaking above 7%, dampening buyer demand despite housing inventory rising to 1.62 million units, the highest since November 2019. The median home price rose 1.6% year-over-year to $429,100.
Editorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page reads the event directly, while its address stays stable when the title changes.
- Summary covers the current reports
Cross-source coverage
Reporting timeline
US Home Sales Hit 14-Month Low as Borrowing Costs and Mortgage Rates Bite
The National Association of Realtors reported that US home sales fell 2% month-over-month in August 2026 to a seasonally adjusted annual rate of 3.98 million, the lowest since June 2025. The decline is attributed to stubbornly high mortgage rates, which surpassed 7% for the first time since May 2025, driven by surging oil prices due to US and Iranian strikes in the Persian Gulf and concerns over US public debt. The median existing home price rose 1.6% year-over-year to $429,100, while Apollo Global Management research indicates 56% of US households can only afford a home under $300,000. A survey by Clever found 58% of Gen Z respondents are rooting for a housing market crash. However, NAR chief economist Lawrence Yun noted home prices are rising and sales are up 1.6% year-to-date. Existing housing inventory rose 3.2% to 1.62 million homes, the highest since November 2019, providing buyers with more negotiating opportunities.
Home sales fell in August as mortgage rates hit highest level in over a year
Existing home sales in the United States declined 2% in August from July to a seasonally adjusted annual rate of 3.98 million homes, the slowest pace in over a year, according to National Association of Realtors data released on Thursday. Sales were down 1.2% from August 2025. The drop was attributed to mortgage rates reaching their highest levels in over a year, spending August between 6.6% and 6.7% and hitting 6.71% last week, the highest since mid-2025. NAR chief economist Lawrence Yun said home sales and mortgage rates move in opposite directions, and the latest move higher in bond yields is 'not good for the immediate short-term outlook on home sales.' Sales fell in all regions except the West, with the Northeast seeing the largest decline at 4%. Despite low sales, limited supply kept prices climbing; the median home sold for $429,100 in August, up 1.6% year-over-year. Through August, sales are still up 1.6% from a year ago, outpacing 2025's total of just over 4 million sales.
Read sourceUS existing home sales drop to 14-month low in August as mortgage rates rise
In August, U.S. existing home sales declined to their slowest annual pace in over a year, according to multiple news reports. The drop occurred as mortgage rates reached their highest level in more than a year, dampening buyer demand despite the highest housing supply in over a decade. The National Association of Realtors reported a 2% decrease in sales, marking a 14-month low. The trend was covered by major outlets including Yahoo Finance, CNBC, Reuters, and others, highlighting the impact of elevated borrowing costs on the housing market. Gold prices largely ignored the sales data, remaining near lows.
Read sourceShow 2 older updatesHide older updates
Home sales fall in August despite highest supply in over a decade
In August, U.S. existing-home sales fell by 2.0% according to the National Association of REALTORS, despite inventory reaching its highest level in over a decade. The decline is attributed to mortgage rates hitting their highest point in over a year, dampening buyer demand. Multiple news outlets, including CNBC, Yahoo Finance, USA Today, and Fox Business, report on the trend, with some noting that home prices are falling fastest in certain cities. The data suggests a cooling housing market as affordability challenges persist due to elevated borrowing costs, even as more homes become available for sale.
Read sourceUS Existing Home Sales Fall 2% in August to Slowest Pace in Over a Year
In August, U.S. existing home sales declined by 2% to a seasonally adjusted annualized rate of 3.98 million units, the slowest pace in over a year, according to the National Association of Realtors (NAR). Rising mortgage rates dampened already weak demand, with NAR chief economist Lawrence Yun noting that higher rates inversely affect home-buying activity. The median existing home price rose 1.6% year-over-year to $429,100, while housing inventory increased to 1.62 million units, surpassing 1.6 million for the first time since November 2019. Despite more options for buyers, high prices and financing costs remain challenging. Opendoor Technologies CEO Kaz Nejatian described the last two weeks of August as among the worst periods for the housing market in years.
Read source