Existing home sales were nearly flat from July to August, slipping just 0.2% to a 4 million annual pace, according to the National Association of REALTORS® (NAR). Inventory also declined slightly from July, but the 1.53 million homes on the market marked an 11.7% increase from a year ago.
What’s the bottom line? This report reflects closings in August, meaning most buyers were shopping in June and July before mortgage rates began to ease. According to NAR Chief Economist Lawrence Yun, lower rates and higher inventory should help support stronger sales in the coming months.
