August Housing Market Snapshot

Written By Javier Arias

Nationwide home sales were essentially flat in August, dipping by just 0.2% compared with July. The median U.S. sales price rose 2% year-over-year, reaching $422,600. On average, homes spent 31 days on the market, slightly longer than earlier this summer.

Regional performance:

  • Midwest: Sales increased 2.1% month-to-month and 3.2% compared to last year. Median price: $330,500 (+4.5%).

  • West: Sales edged up 1.4% from July but fell 1.4% annually. Median price: $624,300 (+0.6%).

  • South: Transactions dropped 1.1% from July but rose 3.4% from last year. Median price: $364,100 (+0.4%).

  • Northeast: Sales slipped 4% month-to-month and 2% annually. Median price: $534,200 (+6.2%).

Inventory and supply:

  • About 1.53 million homes were on the market, 1.3% fewer than July but 11.7% higher than a year ago.

  • Supply held steady at 4.6 months, up from 4.2 months last year.

Property type trends:

  • Single-family homes: 3.63 million sales pace (-0.3% vs. July, +2.5% vs. last year). Median price: $427,800 (+1.9%).

  • Condos/co-ops: 370,000 sales pace (flat month-to-month, -5.1% vs. last year). Median price: $366,800 (+0.6%).

Buyer activity and conditions:

  • First-time buyers represented 28% of sales, unchanged from July.

  • Cash deals accounted for 28% of closings, down from 31% last month.

  • Investors and vacation-home buyers made up 21% of sales.

  • Distressed sales remained low at 2%.

Financing:
The average 30-year fixed mortgage rate was 6.59% in August, down from 6.72% in July but higher than 6.50% one year ago (Freddie Mac).

Key takeaway:
While elevated mortgage rates and abundant supply continue to challenge momentum, the Midwest’s affordability stands out as a bright spot. Pricing power remains strongest in higher-end markets, while entry-level homes face tighter supply.

Javier Arias
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Prices Down, Inventory up: What June’s Market Stats Mean for Buyers