Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.

U.S. existing home sales fell more than expected in August as house prices remained elevated despite a continued improvement in supply. Home sales fell 2.5% last month to a seasonally adjusted annual rate of 3.

Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market kept rising