Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.

Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market kept rising.

Three of the four regions recorded month-to-month gains in home sales; the Midwest was the exception, as sales held steady there. Sales decreased on an annual basis in every region except the Northeast, where they matched last year’s levels.