Existing home sales fell across most of the country in August 2024.
While the Midwest saw no change in existing-home sales, sales fell in the South, West, and Northwest. According to the National Association of Realtors, sales slipped in three regions but remained stable in the Northeast, year-over-year.
Overall, the numbers were down 4.2% from last August.
The bright spots were homes on the upper end of the price scale. Sales of homes costing at least a million dollars were up nearly 8% from last August.
Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors, said sales may increase in the future as a result of the lowered mortgage rates and increasing inventory.
Year-over-year, the percentage of sales to first-time home buyers also fell from 29% to 26% while sales to investors rose from 16% to 19%. Additionally, days on the market increased from 26 days. It averaged 20 days last August.
While sales decreased, prices cooled slightly. The median price of existing home sales was $416,700 in August down from $426,900 in July.
