National Home Sales Decline Amidst Inventory Shortage and Rising Prices

Existing home sales in the US fell by 0.7% in August, with a 15.3% drop compared to the same time last year, as high mortgage rates and a lack of inventory continue to impact the real estate market. The national median sales price reached $407,100, a nearly 4% increase from a year ago. Limited supply of properties has led to stiff competition, with 72% of properties sold in August on the market for less than a month. Rising mortgage rates, now at 7.18%, are further hindering potential buyers.