US Existing-Home Sales Edge Down as High Costs Stymie Buyers

Sales of previously owned homes in the US slipped slightly in August, a sign that affordability constraints continue to grip the housing market.

Contract closings fell 0.2% last month to an annualized rate of 4 million, according to National Association of Realtors figures released Thursday. Economists surveyed by Bloomberg anticipated 3.95 million. Sales have been stuck around the 4 million level since March.

The median sales price, meantime, rose 2% from a year ago to $422,600, extending a string of straight year-over-year gains since mid-2023, NAR data show. Prices remain out of reach for many Americans, having risen more ...