U.S. August Existing Home Sales - Trend subdued with hints of weakness
August existing home sales have seen a 2.0% decline to 3.98m, the weakest level since June 2025 and a third straight decline. Most housing sector indicators are subdued. Upward pressure on mortgage rates, and a potential Fed tightening next week, could add to the pressure.
Trend for existing home sales however does not have much direction. Yr/yr data stands at -1.2%, after four straight modest increases but has not seen a move as large as 5% in either direction since December 2023.
Regional data shows declines in three out of four regions on the month with the West unchanged. On a yr/yr basis the South is unchanged with the other three regions negative.
The median price fell by 1.4% on the month, a second straight decline, though the slippage is in part seasonal. Yr/yr growth slipped to 1.6% from 2.5%, a 3-month low after a 16-month high. The yr/yr median price has kept to a narrow 0.3% to 2.5% range over the past year.
