Real estate market sees low home sales but rising prices in August

Sales of previously owned homes in the US remained near recent lows in August, with a 0.7% decline from July, according to the National Association of Realtors. The decrease in sales is attributed to higher mortgage rates and limited inventory. The median price of homes sold in August reached $407,100, a 3.9% increase from the previous year. The housing market continues to be weakest in the lower-end segment due to limited supply, while sales for homes priced above $1 million remained steady or increased in certain regions.