August Existing Home Sales

Research evidence excerpt

Housing

September 10, 2026

Stephen Kim

(212) 497-0866

Aatish Shah, CFA

Randa Shaw

(646) 708-8489

August Existing Home Sales

August Total Existing Home Sales (“EHS”) came in at a 3.98mn

seasonally adjusted annual rate (SAAR), in line with consensus,

and down -2.0% m/m (-1.2% y/y). Meanwhile, the single-family

median home price of $434k was down -1.7% vs. the prior month

and up +1.7% y/y. Single-family inventory was up +3.6% month-tomonth in units; adjusted for seasonality, month’s supply was 4.6x

(above July’s 4.3x), and on a reported basis, month’s supply rose

to 4.7x versus the prior month’s 4.5x. Notably, the month’s supply

is now at the highest level in over a decade. 1-fam sales of 3.62mn

came in under our 3.70mn estimate for 3Q26, with the total EHS

figure falling short of our 4.070mn estimate. Following this weaker

print and with mortgage rates tracking higher, we revise our fullyear EHS estimate slightly lower, with our FY26 estimate now

4.061mn (4.089mn previously).

Highlights:

On a seasonally-adjusted basis, single-family sales fell -1.9% m/m

to 3.62mm (vs. 3.69mm in July), while condo sales were down 2.7% m/m at 360k.

The median 1-fam home price fell -1.7% m/m to $434k in August

(+1.7% y/y).

Single-family inventory units were up +3.6% m/m in July at 1.42mn

(+6.0% y/y).

Figure 1: Single-Family EHS Inventory, Months' Supply

millions (NSA)

3.5

months of

supply

14

Month's supply of inventory remains low.

3.0

12

2.5

10

2.0

8

1.5

6

1.0

4

0.5

0.0

1982

2

Low (1982-Present): 1.6

1988

1994

2000

Inventory (LHS)

2006

2012

2018

Months Supply (RHS)

0

2024

Source: NAR, Evercore ISI Research