Reported 19 days ago
US existing home sales fell 2.5% in August to an annualized rate of 3.86 million units, surpassing expectations. Despite a 3.1% rise in median home prices to a record $416,700, inventory increased by 0.7% to 1.35 million units, showing a year-on-year jump of 22.7%. The Federal Reserve's recent interest rate cut may encourage more homeowners to sell, potentially easing supply constraints, even as first-time buyers remain at an all-time low.
Source: YAHOO