The Federal Reserve's unexpected interest rate cut has significant implications for the housing market, which has seen a decline in existing-home sales by 2.5% in August.
Despite a larger inventory than last year, the median home price has risen 3.1% to $416,700, indicating a complex relationship between supply and pricing in the current market.
Realtor.com chief economist Danielle Hale mentioned that buyers who waited could benefit from falling mortgage rates and a seasonal shift that favors homebuyers.
Regional sales reflect a mixed bag, with the Midwest seeing no month-over-month change, while regions like the South and Northeast experienced notable declines.
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