U.S. existing-home sales rose 2.0% month-over-month and 0.8% yearover-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South, and Northeast, but declined in the Midwest.

Closed Sales increased 1.3 percent for Existing Homes homes but decreased 1.4 percent for New Construction homes. Pending Sales increased 1.1 percent for Existing Homes homes but decreased 4.7 percent for New Construction homes. Inventory increased 11.9 percent for Existing Homes homes and 1.1 percent for New Construction homes.

Median Sales Price increased 5.7 percent to $310,000 for Existing Homes homes and 8.5 percent to $555,000 for New Construction homes. Days on Market increased 34.6 percent for Existing Homes homes but decreased 11.4 percent for New Construction homes.

Months Supply of Inventory increased 8.7 percent for Existing Homes homes but decreased 1.8 percent for New Construction homes. Nationally, 1.55 million units were listed for sale heading into August, up 0.6% from the previous month and 15.7% higher than the same time last year, representing a 4.6-month supply at the current sales pace, according to NAR. Inventory is now at its highest level since May 2020, a shift that has helped slow price growth in many markets. As a result, the national median existing-home sales price edged up just 0.2% year-over-year to $422,400.