The inventory of existing homes for sale in the United States hit a six-year high in August as the pace of sales fell, the National Association of REALTORS® said. 

At the same time, the median-sales price rose again, as months’ supply of homes for sale hit a 10-year high. 

Existing-home sales slipped 2% month over month and 1.2% year over year to a seasonally adjusted annual rate of 3.98 million — the first time the rate has fallen below four million since June 2025. 

At 1.62 million homes, existing inventory was up 3.2% from July and 5.9% from August 2025. Inventory has not topped 1.6 million units since November 2019, NAR noted. 

This inventory represents a 4.9-month supply, its highest level in over 10 years. 

“There are now nearly five months of supply on the market, the highest level in over a decade, and sellers who have been sitting are more willing to discuss what it will take to get a deal done,” Coldwell Banker CEO Kamini Lane said. “Fall usually brings less competition on top of that. For buyers who have been waiting on the sidelines, that combination could make this a good time to take another look at what’s available.” 

Regionally, month-over-month sales were flat in the West and declined in the Northeast, Midwest and South, while year-over-year sales held steady in the South and fell in the Northeast, Midwest and West.  

By property type, sales of existing single-family homes slipped 1.9% month over month and 1.1% year over year to an annual rate of 3.62 million, while condo sales fell 2.7% both month over month and year over year to a rate of 360,000. 

The median existing-home price in July rose 1.6% year over year to $429,100, representing the 38th month in a row of annual increases. 

The average 30-year fixed-rate mortgage in August rose to 6.67% from 6.54% in July and 6.59% a year ago. 

“Mortgage rates and home sales move in opposite directions, so it’s not surprising to see a mild dip in homebuying activity due to high mortgage rates,” said NAR Chief Economist Lawrence Yun. “Still, home prices are rising, and existing-home sales are actually up 1.6% year-to-date through the first eight months of the year. Homebuying demand, despite higher interest rates, is no doubt being supported by rising wages, which grew 3.1% in August, along with 643,000 net new jobs added since the start of the year. Job creation and wage growth typically drive housing demand.”