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Home sales fall in August despite the highest supply in over a decade
CNBC • • business
Key Points:
- Sales of previously owned homes declined 2% in August from July to 3.98 million units, marking the slowest pace since June 2025, with the Northeast and Midwest hardest hit.
- Despite a 3.2% increase in housing supply from July and a 5.9% rise year-over-year, the median home price reached a record high of $429,100 in August, up 1.6% from the previous year.
- Sales decreased most sharply in the $100,000 to $250,000 price range by 10%, while homes priced over $1 million saw a 3.9% increase in sales, remaining the only segment with growth.
- Homes stayed on the market longer, averaging 31 days in August compared to 29 days in July, and cash buyers represented 27% of sales, slightly higher than the previous month.
- First-time buyers increased slightly to 30% of sales, whereas investors and second-homebuyers dropped to 15% of August sales, down from 21% the previous year.
