The signs sold were for sale on August 27, 2025 in San Francisco, California.
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According to the National Association of Realtors, the sale of previously owned homes was essentially flat in August, reaching 4 million units on a seasonally adjusted annual basis. This is a 0.2% decrease from July and a 1.8% increase from last August. It was the strongest in the Midwest and the weakest in the Northeast.
Because this count is based on the closure, we will sign transactions in June and July, when the mortgage rate was about 50 basis points higher than today. Rates began to drop sharply at the beginning of September, but that’s not what we get.
The top edge of the market is operating better than the bottom edge. Sales for homes worth more than $1 million increased by 8% year-on-year. However, sales for homes under $100,000 have dropped by more than 10% from a year ago.
“Recorded housing wealth and record stock markets help current homeowners trade the top edge of the market to make a profit. However, the sale of affordable homes is constrained by a lack of stock,” said Lawrence Yun, Chief Economist at Real Estate Agents.
The Midwest was the region that performed best in August, NAR said he was paying attention to the affordable market situation. Median Midwest home prices were 22% below median national prices, the report said.
Supply is what appears to be the most changing in the housing market today. At a rather large stage earlier this year, supply fell 1.3% last month from July, but has risen 11.7% year-on-year. It was the first monthly decline since its launch this year.
Sellers see prices dropping and mortgage rates higher, and decide to either stay away from the market or wait a little longer before they raise their list in the first place. In August, a supply was on sale for 4.6 months, which is considered to be wasteful.
A weak supply is to keep prices in a positive territory. The median price of existing homes sold in August was $422,600, up 2% from a year ago, with an annual price profit of 26 months.
Homes have stayed in the market for a long time, with an average of 31 days in August, rising for 31 days from August 26, 2024. First-time buyers share is historically low at 28%, with all Chash buyers still king at 28% of sales, from 26% the previous year.
