What did existing home sales look like in August?
According to a report released today by the National Association of Realtors ® (NAR), August saw an increase in existing home sales in two of the four regions across the nation compared to last month.
It was reported that existing home sales, which the NAR defines as completed transactions for properties that include single-family homes, townhomes, condominiums and co-ops, increased as much as 1.8% from August of last year.
Compared to last year and the previous month, the Midwest noticed the greatest increase in August of 2025, up 3.2% from last year and 2.1% from last month.
NAR Chief Economist Lawrence Yen spoke of the Midwest’s increase in existing home sales, saying, "The Midwest was the best-performing region last month, primarily due to relatively affordable market conditions. The median home price in the Midwest is 22 percent below the national median price."
Total homes for sale at the end of August were 1.53 million units, down 1.3% from July and up 11.7% from August 2024. With more options on the market, potential buyers have a better chance to search for their dream home than they did last year.
Which regions showed changes in pending home sales?
Two of the four regions the NAR tracks in the U.S. showed increases in sales of existing homes in August, the NAR said.
- In the Midwest, existing home sales rose 2.1% compared to a month earlier.
- The Northeast saw a 4.0% decrease in existing home sales from July.
- Completed transactions in the South went down 1.1% from the previous month.
- Sales of existing homes in the West rose 1.4% from July.
Speaking on the future of the housing market and mortgage rates, Yun said, "Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory. However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months."
Fall and winter typically see a drop in existing home prices. On top of that, mortgage rates have seen a steady decline since May. With fall just beginning and mortgage rates lowering, it might be the right time for buyers to start looking for a new home.
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.26% as of September 18th. That’s down from 6.35% one week ago but up from 6.43% one year ago*.
Continued reduction in mortgage interest rates will likely be a welcome sign to prospective homebuyers. A decrease in mortgage rates could also signal a continuing thaw in the housing market as we enter fall.
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*National average rates from Freddie Mac as of September 18th, 2025, are not advertised rates from OriginPoint.
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