The supply of homes for sale in the United States reached a 10-year high in August, according to data from the National Association of Realtors. At the current sales pace, the market held 4.9 months of inventory, the highest level in over a decade. Existing home sales fell 2% for the month, with the association citing high mortgage rates as a factor in the decline in transaction activity. The average 30-year fixed mortgage rate rose to 6.76%, and forecasters expect the slowdown to continue with rates remaining elevated through 2026.
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