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 existing home sales falling 2% from July to a seasonally adjusted annual rate of 3.98 million units. This marks the third consecutive monthly decline and a 1.2% drop compared to the previous year. Rising mortgage rates, which reached 6.71%, and increasing home prices, now at a median of $429,100, have contributed to the slowdown in the housing market.