Housing Snapshot: Existing-Home Sales - August 2024

According to the National Association of REALTORS® (NAR), existing-home sales reached a seasonally adjusted annual rate of 3.86 million in August 2024. This reflects a month-over-month (MoM) decline of 2.5% and a year-over-year (YoY) decrease of 4.2%. The inventory of homes available for sale increased to 4.2 months, compared to just 3.3 months in August 2023, indicating a slight easing in the housing market. Despite the drop in sales, the median sales price rose to $416,700, marking a YoY increase of 3.1%.