US home sales drop to lowest level in over a year

In August 2026, U.S. home sales declined to their slowest annual pace in over a year, with a seasonally adjusted rate of 3.98 million units. This drop is attributed to rising mortgage rates, which reached 6.71%, and increasing home prices, with the median price hitting $429,100. The inventory of unsold homes rose to 1.62 million, indicating a growing supply despite ongoing market challenges.