Core Insights - Sales of previously occupied U.S. homes remained sluggish in August, with a slight decline of 0.2% from July, reaching a seasonally adjusted annual rate of 4 million units, marking the slowest sales pace since June [1] - Year-over-year, sales rose by 1.8% compared to August of the previous year, exceeding economists' expectations of a 3.96 million pace [2] - The national median sales price increased by 2% in August from a year earlier, reaching $422,600, continuing a trend of annual price increases for 26 consecutive months [2] Market Trends - The U.S. housing market has been experiencing a sales slump since 2022, primarily due to rising mortgage rates from historic lows, with sales of previously occupied homes hitting their lowest level in nearly 30 years last year [3] - Although mortgage rates have been declining since late July, making home loans more affordable, they remain high for many Americans, limiting purchasing power after years of rising home prices [4]