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Existing Home Sales Fall despite Improved Inventory – Eye On Housing

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Existing home sales fell for the third consecutive month as record-high home prices and elevated mortgage rates weighed on buyers. Mortgage rates resumed an upward trend after the July ceasefire ended. Geopolitical uncertainty, bond market sell-off and inflation concerns pushed rates to 6.71% last week, the highest level since July 2025. As buyers wait for rate relief, homes are sitting on the market longer and for-sale inventory reached the highest level in over a decade. Home price growth has slowed but overall remains positive, keeping affordability out of reach for many buyers.

Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 2.0% to a seasonally adjusted annual rate of 3.98 million in August, according to the National Association of Realtors (NAR). This marked the lowest level since July 2025 and only the second time since October 2024 that sales dropped below 4.0 million. On a year-over-year basis, sales were 1.2% lower than a year ago.

The existing home inventory level was 1.62 million units in August, up 3.2% from July and 5.9% from a year ago. At the current sales rate, August unsold inventory sits at a 4.9-months’ supply, up from 4.6-months last month and a year ago. This was the highest months’ supply since November 2015. Inventory between 4.5 to 6 months’ supply is generally considered a balanced market.

Homes stayed on the market for a median of 31 days in August, up from 29 days in the previous month but unchanged from August 2025.

The first-time buyer share was 30% in August. The share was up from 29% in July and 28% a year ago.

The August all-cash sales share was 27% of transactions, up from 26% last month but down from 28% in August 2025. All-cash buyers are less affected by changes in interest rates.

The August median sales price of all existing homes was $429,100, up 1.6% from last year. This marks the 38th consecutive month of year-over-year increases. The median condominium/co-op price in August was up 1.5% from a year ago at $371,600. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2026.

Existing home sales in August mostly decreased across the four major regions. Sales fell in the Northeast (-4.0%), Midwest (-3.1%), and South (-1.6%), while sales in the West were unchanged. On a year-over-year basis, sales decreased in the West (-2.7%), Midwest (-2.1%), and Northeast (-2.0%), while sales in the South remained unchanged.

The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI fell from 72.9 to 71.2 in July, the lowest reading since January 2026. On a year-over-year basis, pending sales were 2.2% lower than a year ago according to the National Association of Realtors’ data.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Economic Uncertainty, Affordability Challenges Weigh on New Home Sales – Eye On Housing

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Elevated borrowing costs, rising inflation and broad economic uncertainty continue to curb buyer demand and hold back new home sales.

Sales of newly built single-family homes declined 10.5% in July to a seasonally adjusted annual rate of 607,000, following a sharply upwardly revised June estimate, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales was 6.3% lower than a year earlier per the July data. The July sales pace was the slowest since January of this year. Mortgage rates increased from 6.1% to above 6.6% from January to July.

NAHB surveys show that a majority of builders continue to offer sales incentives, including mortgage rate buydowns, to support new home sales. Despite these efforts, the single-family home building market is on track for a second consecutive annual decline in 2026. New home sales are down more than 4% on a year-to-date basis. Nonetheless, NAHB surveys show community builders continue to outperform the broader market.

New single-family home inventory in July rose to 488,000 units, up 1.9% from June, and down 1.6% compared to a year ago. This represents an elevated 9.6 months’ supply at the current building pace, the highest measure since January.

While overall new single-family inventory increased in July, the composition of that inventory continues to change. The number of completed, ready-to-occupy new single-family builds has fallen from a non-seasonally adjusted 132,000 at the start of 2026 to 114,000 in July, as builders slowed the pace of construction. Homes in inventory and under construction have increased from 247,000 in January to 262,000 in July. And homes not started construction but available for purchase increased from 96,000 in January to 119,000 in July.

Combined new and existing home inventory continues to rise, per NAHB estimates. Summing new and existing single-family homes available for sale, and adjusting by the weighted sales rate for each housing market, combined new and existing home months’ supply inventory increased to a slightly above balanced level of 5.3 in July. As noted on the graph below, this marks the highest combined months’ supply measure since late 2014.

The median new home sales price in July fell 2.3% from June to $393,800 and was down 0.9% from a year ago. The new home sales market is showing relative strength at the higher end of the market. The market share of new home sales priced above $800,000 increased from 5% a year ago to 8% in July. 

Regionally, on a year-to-date basis, new home sales are up 8.8% in the Northeast but fell in the other three regions, with declines of 6.4% in Midwest, 3.7% in the South and 6.4% in the West.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Existing Home Sales Fall in July – Eye On Housing

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Existing home sales continued to slow in July as record-high home prices and elevated mortgage rates weighed on buyers. Mortgage rates resumed an upward trend after the ceasefire ended in early July. Heightened geopolitical uncertainty and an increasingly hawkish stance from the Fed pushed rates to nearly 6.7% last week, the highest level since July 2025. Recent monthly volatility reflects home buyer sensitivity to mortgage rate changes, suggesting the market would respond quickly if rates returned to near 6%.

Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 1.7% to a seasonally adjusted annual rate of 4.06 million in July, according to the National Association of Realtors (NAR). On a year-over-year basis, sales were 0.7% higher than a year ago.

The existing home inventory level was 1.54 million units in July, down 1.9% from June and down 0.6% from a year ago. At the current sales rate, July unsold inventory sits at a 4.6-months’ supply, unchanged from last month and a year ago. Inventory between 4.5 to 6 months’ supply is generally considered a balanced market.

Homes stayed on the market for a median of 29 days in July, up from 28 days in the previous month and July 2025.

The first-time buyer share was 29% in July. The share was down from 33% in June but up from 28% a year ago.

The July all-cash sales share was 26% of transactions, up from 25% last month but down from 31% in July 2025. All-cash buyers are less affected by changes in interest rates.

The July median sales price of all existing homes was $434,100, up 2.0% from last year. This marks the 37th consecutive month of year-over-year increases. The median condominium/co-op price in July was up 2.2% from a year ago at $371,800. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2026.

Existing home sales in July were mixed across the four major regions. Sales fell in the South (-3.1%) and Midwest (-2.0%) but rose in the Northeast (+2.0%). Sales in the West were unchanged in July. On a year-over-year basis, sales increased in the Midwest (+2.1%) and West (+1.4%) but remained unchanged in the Northeast and the South.

The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose from 76.6 to 72.5 in June, the lowest reading since January 2026. On a year-over-year basis, pending sales were 0.3% lower than a year ago, according to the National Association of Realtors’ data.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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New Home Sales Edge Higher as Affordability Challenges Persist – Eye On Housing

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Affordability challenges continued to weigh on the new-home market in June, as elevated mortgage rates, rising inflation and broader economic uncertainty kept many prospective buyers on the sidelines.

Sales of newly built single-family home rose 1.6% in June to a seasonally adjusted annual rate of 628,000, up from an upwardly revised May estimate, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales is down 5.6% from a year earlier.

New home sales are down 5.2% on a year-to-date basis, as housing demand remains lackluster amid affordability challenges. At the regional level, only the Midwest has seen gains for new home sales thus far in 2026.

Builders continue to use incentives to support sales, with NAHB survey data showing that 62% of builders offered some form of incentive in June.

New home sales are gaining some momentum at the more affordable range of the market, with homes priced below $300,000 accounting for 23% of June sales, up from 16% a year earlier. However, that price point is generally only achievable in markets with lower development and construction costs, particularly with respect to lower state and local regulatory costs.

A new home sale occurs when a sales contract is signed, or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the June reading of 628,000 units is the number of homes that would sell if this pace continued for the next 12 months.

New single-family home inventory in June was virtually unchanged at 485,000 units, down 0.2% from May, and down 3.2% compared to a year ago. This represents an elevated 9.3 months’ supply at the current building pace. According to NAHB analysis, due to rising resale single-family inventory and elevated new construction inventory, combined new and existing home inventory stands at just above a 5.2 months supply, the highest level since the fall of 2014.

The median new home sale price in June fell 3.3% from May to $398,300, and was down 2.7% from a year ago, largely due to builder price cuts and some geographic shift in mix to the more affordable Midwest.

Regionally, on a year-to-date basis, new home sales are up 2.6% in the Midwest but fell in the other three regions, with declines of 4.7% in Northeast, 4.9% in the South and 10.1% in the West.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Existing Home Sales Slowed in June – Eye On Housing

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After reaching a five-month high last month, existing home sales pulled back in June as record-high home prices and elevated mortgage rates weighed on buyers. This monthly volatility reflects the sensitivity of home buyer demand to mortgage rate changes. Mortgage rates, though lower than a year ago, have increased more than 50 basis points since the Iran war began in late February and remain stuck around 6.5% in recent weeks. Energy shock has reaccelerated inflation, which has outpaced wage growth, further weighing on housing affordability.

Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 2.4% to a seasonally adjusted annual rate of 4.09 million in June, according to the National Association of Realtors (NAR). On a year-over-year basis, sales were 2.8% higher from a year ago.

The existing home inventory level was 1.56 million units in June, down 0.6% from May but up 1.3% from a year ago. At the current sales rate, June unsold inventory sits at a 4.6-months’ supply, up from 4.5-months in May and unchanged from a year ago. Inventory between 4.5 to 6 months’ supply is generally considered a balanced market.

Homes stayed on the market for a median of 28 days in June, down from 29 days in the previous month but up from 27 days in June 2025.

The first-time buyer share was 33% in June. The share was down from 35% in May but up from 30% a year ago.

The June all-cash sales share was 25% of transactions, unchanged from last month but down from 29% in June 2025. All-cash buyers are less affected by changes in interest rates.

The June median sales price of all existing homes was $440,600, up 1.8% from last year. This marks the 36th consecutive month of year-over-year increases and reaches an all-time high. The median condominium/co-op price in June was up 1.6% from a year ago at $380,000. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2026.

Existing home sales in June were mixed across the four major regions. Sales fell in the South (-3.6%), Midwest (-3.0%) and West (-1.3%) but rose in the Northeast (+2.1%). On a year-over-year basis, sales increased in the South (+3.8%), West (+2.8%) and Midwest (+2.1%) but remained unchanged in Northeast.

The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose from 74.0 to 76.8 in May, the highest level since November 2025. On a year-over-year basis, pending sales were 4.8% higher than a year ago, according to the National Association of Realtors’ data.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Affordability Concerns Push New Home Sales Lower in May – Eye On Housing

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Elevated mortgage rates, rising inflation and economic uncertainty kept many buyers out of the market in May as consumers and builders continue to deal with challenging affordability conditions. While monthly sales activity softened, builders continue to operate in a market characterized by cautious buyers and persistent financing constraints.

Sales of newly built single-family homes fell 7.3% month-over-month in May to a seasonally adjusted annual rate of 580,000 units, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represented a 6.8% decline compared to a year earlier. A new home sale is recorded when a contract is signed, or a deposit is accepted, regardless of the stage of construction. The seasonally adjusted annual rate reflects the pace of sales that would occur over a 12-month period if current conditions persist.

New single-family home inventory totaled 496,000 units in May, up 2.3% from the prior month but down 1.4% from a year earlier. At the current sales pace, the months’ supply of new homes stood at an elevated 10.3 months, above the 9.7 months recorded one year ago. A five to six-months inventory level is generally considered to indicate a balanced market.      

Combined new and existing home inventory has edged higher in recent months, with the total months’ supply reaching 5.2 months. Inventory conditions in the existing home market have gradually improved in recent months. Moderating prices across both markets have helped support buyer demand amid ongoing affordability concerns.

At the end of May, there were 115,000 completed, ready-to-occupy homes available for sale on a non-seasonally adjusted basis, unchanged from a year earlier. Completed homes accounted for one-quarter of total inventory, while homes under construction made up 53%. The remaining 24% of homes sold in May had not yet started construction at the time the sales contract was signed.

Home prices remained relatively stable despite the slowdown in sales activity. The median new home sale price was $424,900, up 2.0% from April and essentially unchanged from a year ago. Homes priced between $300,000 and $499,999 accounted for half of all new home sales, while only 15% of sales were priced below $300,000, underscoring ongoing affordability challenges for entry-level buyers. The remaining 35% of the homes were priced above $500,000.

Regional performance was mixed in May. The Midwest posted the strongest monthly gain in sales, rising 16.2% from April, while the Northeast recorded a modest 3.0% increase. In contrast, sales declined in both the South and West, with the West experiencing the sharpest drop, falling 26.9% from the previous month.

Compared with May 2025, the Northeast was the only region to record a year-over-year gain, with sales increasing 17.2%. Sales declined 3.7% in the Midwest, 5.4% in the South, and 17.0% in the West.

On a year-to-date basis, regional trends were similarly uneven. New home sales increased 4.2% in the Midwest and 1.9% in the Northeast compared with the same period last year. Meanwhile, sales were down 8.2% in the South and 11.4% in the West, indicating that housing market weakness remains concentrated in the nation’s largest home building regions.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Existing Home Sales Increased in May – Eye On Housing

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Existing home sales rose to a five-month high in May as more first-time buyers stepped back into the market. The share of first-time buyer reached 35% in May, the highest since June 2020. However, sales remained weak compared to historical norms, with still-tight inventory continued to push up home prices. Mortgage rates, though lower than a year ago, have increased more than 50 basis points since the Iran war began in late February and remain stuck around 6.5% in recent weeks. Energy shock has reaccelerated inflation, which has outpaced wage growth, further weighing on housing affordability.

Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, rose 3.2% to a seasonally adjusted annual rate of 4.17 million in May, the highest since December 2025, according to the National Association of Realtors (NAR). On a year-over-year basis, sales were 3.2% higher from a year ago.

The existing home inventory level was 1.55 million units in May, up 3.3% from April and 0.6% from a year ago. At the current sales rate, May unsold inventory sits at a 4.5-months’ supply, unchanged from April but lower than 4.6-months a year ago. Inventory between 4.5 to 6 months’ supply is generally considered a balanced market.

Homes stayed on the market for a median of 29 days in May, down from 32 days in the previous month but up from 27 days in May 2025.

The first-time buyer share was 35% in May, the highest share in nearly six years. The share was up from 33% in April and 30% a year ago.

The May all-cash sales share was 25% of transactions, unchanged from last month but down from 27% in May 2025. All-cash buyers are less affected by changes in interest rates.

The May median sales price of all existing homes was $429,300, up 1.3% from last year. This marks the 35th consecutive month of year-over-year increases. The median condominium/co-op price in March was up 1.7% from a year ago at $378,200. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2026.

Existing home sales in May were mixed across the four major regions. Sales rose in the Midwest (+6.4%), South (+3.2%) and Northeast (+2.2%) but remained unchanged in the West. On a year-over-year basis, sales declined in the Northeast (-8.0%) but increased in the South (+5.9%), West (5.6%) and Midwest (2.0%).

The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose from 73.8 to 74.8 in April. PHSI data is typically released about a week after existing home sales reports. On a year-over-year basis, pending sales were 3.2% higher than a year ago, according to the National Association of Realtors’ data. However, resurgence in mortgage rates driven by the Iran war could reverse the increase.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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New Home Sales Down in April on Affordability Concerns – Eye On Housing

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Elevated mortgage rates, higher inflation and economic uncertainty kept more buyers on the sidelines in April as ongoing affordability challenges continue.

Sales of newly built single-family homes fell 6.2% in April to a seasonally adjusted annual rate of 622,000, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales is down 11.3% from a year earlier.

Mortgage interest rates increased from a monthly average of 6.18% in March to 6.33% in April per Freddie Mac, dampening homebuyer demand. Rates moved higher again in May to just above 6.4% as oil prices and short-term inflation expectations increased.

New home sales are on track to decline in 2026 as mortgage rates are expected to remain elevated in the months ahead. The Midwest remains a bright spot, with sales up 7.3% year to date, compared with declines in the rest of the country. The Midwest benefits from relative advantages for homebuyer affordability.

A new home sale occurs when a sales contract is signed, or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the April reading of 622,000 units is the number of homes that would sell if this pace continued for the next 12 months.

New single-family home inventory in April rose to 489,000 units, up 1.7% compared to the previous month. This represents an elevated 9.4 months’ supply at the current building pace. Completed, ready-to-occupy inventory accounted for 122,000 homes in April, up 6.1% from a year ago but down from the cyclical peak of 128,000 in January.

The median new home sale price was $422,500, up 8.0% from March and up 2.2% from a year ago.

Regionally, on a year-to-date basis, new home sales are up 7.3% in the Midwest. New home sales are down 9.7% in the Northeast, 7.6% in the South and 9.5% in the West.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Existing Home Sales Edged Up Slightly in April – Eye On Housing

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Existing home sales edged up in April after reaching a nine-month low in March, but sales remained at historically low levels. Elevated mortgage rates and reignited inflation driven by the Iran war continued to weigh on affordability as economic uncertainty pushed up long-term rates, while rising energy costs strained household budgets. Despite inventory improving in recent months, it remains below pre-COVID levels and continues to push home prices to a record high for April as demand outpaces supply.

Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, rose 0.2% to a seasonally adjusted annual rate of 4.02 million in April, according to the National Association of Realtors (NAR). On a year-over-year basis, sales were unchanged from a year ago.

The existing home inventory level was 1.5 million units in April, up 5.8% from March and 1.4% from a year ago. At the current sales rate, April unsold inventory sits at a 4.4-months’ supply, up from 4.2-months in March and 4.3-months a year ago. Inventory between 4.5 to 6 months’ supply is generally considered a balanced market.

Homes stayed on the market for a median of 32 days in April, down from 41 days in the previous month but up from 29 days in April 2025.

The first-time buyer share was 33% in April, up from 32% in March but down slightly from 34% a year ago.

The April all-cash sales share was 25% of transactions, down from 27% in March but unchanged from a year ago. All-cash buyers are less affected by changes in interest rates.

The April median sales price of all existing homes was $417,700, up 0.9% from last year. This marks the 34th consecutive month of year-over-year increases. The median condominium/co-op price in March was up 1.1% from a year ago at $374,100. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2026.

Existing home sales in April were mixed across the four major regions. Sales rose in the Midwest (+2.2%) and South (+0.5%), fell in the West (-2.6%), and remained unchanged in the Northeast. On a year-over-year basis, sales were flat in the West, declined in the Northeast (-8.2%) and Midwest (-1.0%) but increased in the South (+2.7%).

The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose from 72.6 to 73.7 in March due to improved inventory. On a year-over-year basis, pending sales were 1.1% lower than a year ago, according to the National Association of Realtors’ data. However, resurgence in mortgage rates driven by the Iran war could reverse the increase.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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New Home Sales Rise, Supported by Limited Existing Inventory    – Eye On Housing

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The U.S. housing market showed mixed but generally improving conditions in March, as new home sales strengthened and price pressures continued to ease. While inventory dynamics varied across segments, moderating home prices and increased availability at the lower end of the market provided some relief to buyers navigating ongoing affordability challenges.

Sales of newly built single-family homes increased 7.4% month-over-month in March to a seasonally adjusted annual rate of 682,000 units, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represented a 3.3% increase compared to a year earlier. A new home sale is recorded when a contract is signed, or a deposit is accepted, regardless of the stage of construction. The seasonally adjusted annual rate reflects the pace of sales that would occur over a 12-month period if current conditions persist.

New single-family home inventory totaled 481,000 units in March, down 0.4% from the prior month and 4.6% from a year earlier. At the current sales pace, the months’ supply of new homes stood at 8.5 months, down from 9.2 months one year ago, though still above the six-month level generally considered to indicate a balanced market.

Combined new and existing home inventory has edged higher in recent months, with the total months’ supply reaching 4.8 months. Meanwhile, inventory conditions in the existing home market have retreated after showing gradual improvement in prior months. Moderating prices across both markets have helped support buyer demand amid ongoing affordability concerns.

At the end of March, there were 119,000 completed, ready-to-occupy homes available for sale on a non-seasonally adjusted basis, up 5.3% from a year earlier. Completed homes accounted for one-quarter of total inventory, while homes under construction made up 51%. The remaining 24% of homes sold in March had not yet started construction at the time the sales contract was signed.

Home prices showed further signs of cooling at the start of 2026. The median new home sale price was $387,400, down 6.2% from a year ago, and 9.7% below the recent peak of $429,100 reached in December 2025. Affordability improved at the lower end of the market, with 20 percent of new homes priced below $300,000. Over a quarter (28%) of homes were priced above $500,000, while the remaining share fell within the $300,000 to $500,000 range.

Regionally, year-over-year new home sales increased 8.0% in the Midwest, reflecting ongoing strength in residential construction across the Midwestern states. New home sales declined 17.6% in the Northeast, 14.0% in the West and 2.6% in the South.



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