The median price of an existing home sold in August was $416,700, up 3.1% from August 2023.

Sales of previously owned US homes fell in August, according to industry data released Thursday, but lower mortgage rates and growing supply were likely to boost the industry. Compared with a year ago, NAR data showed that existing home sales were 4.2 percent down in August.

A drop in mortgage rates and more homes coming on the market in August wasn’t enough to jolt home sales from their sluggish pace—at least not yet.

Existing US homes sales fell to a 10-month low in August despite a fall in mortgage rates during the month, according to data published on Thursday, although mortgage applications pointed towards a pick up this month and October.

Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market kept rising.

Toronto, Sept. 19, 2024 (GLOBE NEWSWIRE) — Greater Toronto Area, September 19, 2024 – Greater Toronto Area (GTA) new home sales in August hit historic lows sales and very few new project releases, the Building Industry and Land Development Association (BILD) announced today.

A homebuilding industry association says new home sales in August were at a historic low in the GTA with the data painting a “stark picture of a housing market that is struggling with deep structural issues.”