Housing Market Flatlines Amidst Low Supply | JQJO

Existing home sales were flat in August at 4 million units, a slight decrease from July but a 1.8% year-over-year increase. Sales were strongest in the Midwest, weakest in the Northeast. Higher-priced homes ($1M+) saw an 8% year-over-year sales increase, while lower-priced homes (<$100,000) dropped over 10%. Low inventory, particularly of affordable homes, is a major constraint. While supply fell slightly in August, it remains up year-over-year. Median home prices rose 2% year-over-year to $422,600, marking 26 consecutive months of gains. Homes are staying on the market longer.