Sales of previously owned homes in August were flat, totaling 4 million units on a seasonally adjusted basis, a 0.2% decrease from July but a 1.8% increase from the previous year. The median price for homes sold rose to $422,600, up 2% year-over-year, continuing a trend of price gains for 26 consecutive months. The Midwest region performed best, benefiting from more affordable market conditions, while the Northeast saw weaker sales. Notably, supply decreased by 1.3% from July, marking the first monthly decline this year, although it remains up 11.7% year-over-year. This drop in supply is attributed to sellers withdrawing from the market amid high mortgage rates and declining prices. Homes are taking longer to sell, averaging 31 days on the market. First-time buyers accounted for only 28% of sales, while all-cash buyers increased to 28%.