US August Existing Home Sales Fall 2%, Annualized 3.98 Million Units Hit Over One-Year Low

In August, U.S. existing home sales fell by 2% to the slowest pace in over a year, as rising mortgage rates hit already weak demand. The National Association of Realtors said on Thursday that the annualized, seasonally adjusted sales pace for existing homes in August was 3.98 million units, matching June 2025’s lowest level since then. The industry group noted that the median price for existing home sales rose 1.6% year-on-year to $429,100, while the number of homes for sale increased to 1.62 million units, surpassing 1.6 million for the first time since November 2019. Lawrence Yun, chief economist at the National Association of Realtors, stated: “Mortgage rates and home sales move in opposite directions, so the mild decline in purchase activity amid higher rates is not surprising.” While buyers have more options, high home prices and financing costs remain far from ideal for both buyers and sellers. Opendoor Technologies CEO Kaz Nejatian, a company specializing in home buying and selling, said: “The last two weeks of August were among the worst periods in the housing market we’ve seen in years.”