Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).

New Listings decreased 11.1 percent for Single Family homes but increased 1.2 percent for Townhouse/Condo homes. Pending Sales decreased 3.2 percent for Single Family homes and 9.3 percent for Townhouse/Condo homes. Inventory decreased 26.5 percent for Single Family homes and 16.3 percent for Townhouse/Condo homes.

Median Sales Price increased 5.4 percent to $215,000 for Single Family homes and 9.7 percent to $187,000 for Townhouse/Condo homes. Days on Market increased 6.3 percent for Single Family homes and 7.1 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 16.7 percent for Single Family homes but remained flat for Townhouse/Condo homes. Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale.

According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existinghome price of $406,700, a 1.9% increase from a year earlier.Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR). New Listings decreased 11.1 percent for Single Family homes but increased 1.2 percent for Townhouse/Condo homes. Pending Sales decreased 3.2 percent for Single Family homes and 9.3 percent for Townhouse/Condo homes. Inventory decreased 26.5 percent for Single Family homes and 16.3 percent for Townhouse/Condo homes. Median Sales Price increased 5.4 percent to $215,000 for Single Family homes and 9.7 percent to $187,000 for Townhouse/Condo homes. Days on Market increased 6.3 percent for Single Family homes and 7.1 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 16.7 percent for Single Family homes but remained flat for Townhouse/Condo homes.