Despite lower sales, the national median price on existing homes rose 1.6% year-over-year to an August record of $429,100
Existing-home sales declined 2% from July to their lowest level since June 2025, according to the National Association of Realtors.
Rising mortgage rates and home prices drove the decline.
The housing market continues to face mounting pressure, with little relief in sight. Yesterday, the average rate on a 30-year fixed mortgage topped 7% for the first time since May. Homes bought last month were likely contracted in June and July, when borrowing rates averaged 6.43% to 6.66%.
Despite weaker sales, home prices continued to rise. The national median price increased 1.6% from a year earlier to a record $429,100 for August, marking 38 consecutive months of annual price gains.
At the same time, more homes entered the market. The inventory of unsold homes rose to 1.62 million, up 3.2% from July and 5.9% from August last year, according to NAR.