Existing home sales for August -0.2% vs. -1.5% estimated

Housing Market Sales - Existing home sales were essentially flat in August, with a seasonally adjusted annualized rate of 4 million units, down 0.2% from July, but up 1.8% from August of last year [1] - The street was looking for a slightly bigger drop of 1 to 1.5% in existing home sales [2] - Sales were strongest in the Midwest, weakest in the Northeast [2] Housing Market Supply - Supply is dropping, down 1.3% from July, but still up 11.7% year-over-year [2] - There is now a 4.6-month supply of homes for sale, considered lean [3] Housing Market Prices & Time on Market - The median price of a home sold in August was $422,600, up 2% year-over-year [4] - Homes are staying on the market longer, 31 days, up from 26 days last year [4] Buyer Trends - First-time buyers remain low at 28% of sales [4] - All-cash purchases account for 28% of sales, up from 26% a year ago [4] Mortgage Rates - Mortgage rates are around 6.37% [5] - The market is waiting for economic indicators to influence mortgage rates [6]