US existing home sales in August fall to 14-month low as mortgage rates weigh
Macro
Existing home sales in the United States fell 2.0 percent in August from the previous month to a seasonally adjusted annual rate of 3.98 million units, the National Association of Realtors said on the 10th, dropping to their lowest level in 14 months, since June 2025. Rising mortgage rates continue to hold back demand, and sales were also down 1.2 percent from a year earlier. August sales are thought to reflect contracts signed in June and July, a two-month stretch during which the average rate on a 30-year fixed mortgage climbed to 6.66 percent as of the end of July. By region, sales fell in the Northeast, Midwest and South, while the West was flat. Existing home inventory in August rose 3.2 percent to 1.62 million units, the highest level since November 2019, and the months' supply based on the sales pace came to 4.9 months, above both the prior month and the same month a year earlier. The median existing home price rose 1.6 percent from a year earlier to 429,100 dollars, and the share of first-time buyers rose to 30 percent of all buyers, up from 29 percent in July and 28 percent a year earlier.
