San Francisco

U.S. existing-home sales rose 2.0% month-over-month and 0.8% year-over-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South, and Northeast, but declined in the Midwest.

New Listings were down 11.7 percent for single family homes and 3.7 percent for Condo/TIC/Coop properties. Pending Sales increased 5.0 percent for single family homes and 29.6 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 1.4 percent to $1,500,000 for single family homes and 1.8 percent to $1,013,750 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 26.7 percent for single family units and 28.2 percent for Condo/TIC/Coop units.

Nationally, 1.55 million units were listed for sale heading into August, up 0.6% from the previous month and 15.7% higher than the same time last year, representing a 4.6-month supply at the current sales pace, according to NAR. Inventory is now at its highest level since May 2020, a shift that has helped slow price growth in many markets. As a result, the national median existing-home sales price edged up just 0.2% year-over-year to $422,400.