Business & Finance
Existing home sales declined in August as available inventory reached ten-year high
CNBC reports that previously owned home purchases slipped two percent despite inventory expanding to a decade-high 4.9-month supply.
The short version
- Sales of previously owned homes dropped 2% in August to an annualized pace of 3.98 million units.[CNBC]
- Housing inventory increased to 1.62 million units, reaching a decade-high 4.9-month supply.[CNBC]
- Despite higher inventory, the median sales price rose 1.6% to reach an August record of $429,100.[CNBC]
- Elevated mortgage rates continue to restrict overall home buying activity, according to industry economists.[CNBC]
Key facts
- Seasonally adjusted annualized sales of existing homes fell 2% from July to 3.98 million units in August.[CNBC]
- Available housing supply reached 1.62 million homes at the end of August, marking a 4.9-month supply that is the highest in more than ten years.[CNBC]
- The median existing-home sale price reached $429,100 in August, setting a record for the month after a 1.6% rise from August 2025.[CNBC]
- Lawrence Yun attributed the reduction in buyer activity directly to elevated mortgage rates.[CNBC]
What remains uncertain
- Whether growing inventory will eventually cool home prices or if persistently high mortgage rates will continue suppressing transaction volume.[CNBC]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.