Key takeaways
- Existing-home sales in August 2024 fell 2.5 percent from the previous month, according to the National Association of Realtors.
- The nationwide median sale price was $416,700, up 3.1 percent from last year and the highest August median on record.
- Inventory in August continued to inch up, reaching a 4.2-month supply — a sign that buyers may be gaining more leverage in the market.
The housing market suffered from sluggish sales in August 2024, but home prices remain near record highs, a new report by the National Association of Realtors (NAR) shows. Sales of existing homes fell 2.5 percent from last month and 4.2 percent from a year ago. Meanwhile, the median home-sale price dropped slightly from June’s all-time high but still marked the highest median price on record for the month of August, according to NAR Chief Economist Lawrence Yun.
High mortgage rates had contributed to the slow sales figures, but that picture has changed dramatically. Even before the Federal Reserve announced a half-point rate cut on Sept….
