Economic Buzz: US existing home sales drop 2% in August

Existing home sales in the United States fell by 2% month-on-month in August to a seasonally adjusted annual rate of 3.98 million, the National Association of Realtors (NAR) said in a report released on Thursday. On a yearly basis, sales declined 1.2%.

The median existing-home sales price for all housing types rose by 1.6% annually to $429,100 in the reported month. Total housing inventory at the end of August stood at 1.62 million units, growing 3.2% compared to the month before, and 5.9% year-over-year. This was the first time since November 2019 that inventory exceeded 1.6 million units.

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