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August Existing Home Sales Reach 14-Month Low Amid Continued Affordability Woes
US Markets

August Existing Home Sales Reach 14-Month Low Amid Continued Affordability Woes

US existing home sales last month hit the lowest level since June 2025 amid persistent affordability headwinds, the National Association of Realtors said Thursday.Sales fell 2% sequentially to a seasonally adjusted annual rate of 3.98 million units in August, marking the lowest level in 14 months. The consensus was for a 1.7% decrease in a survey compiled by Bloomberg.The median sales price of existing homes increased 1.6% year over year to $429,100 last month, representing the 38th straight month of annual gains. The average 30-year fixed mortgage rate rose to 6.67% in August from 6.54% the month prior and 6.59% a year earlier, the NAR said, citing Freddie Mac data."The bigger picture remains little changed, with activity subdued by historical standards as elevated borrowing costs and home prices continue to limit purchasing power," TD Economics Economist Admir Kolaj said in a note.Single-family home sales dropped 1.9% month over month to 3.62 million units in August, while condominium and co-op sales fell 2.7% to 360,000 units, NAR data showed. Region-wise, sales declined in the Northeast, Midwest and South, but remained steady in the West, according to the report."Mortgage rates and home sales move in opposite directions, so it's not surprising to see a mild dip in home-buying activity due to high mortgage rates," NAR Chief Economist Lawrence Yun said.The number of months it would take to exhaust the total inventory at the existing sales rate has increased to 4.9 months' supply, marking its highest level in more than a decade, according to Yun. "The ample supply of homes for sale on the market is giving homebuyers better opportunities to negotiate."However, near-term financing conditions are tightening, with the daily measure of 30-year fixed mortgage rates approaching 7%, which will likely further erode housing affordability and limit buyer demand, according to TD Economics."The labor market continues to provide some support, but households are facing additional pressure from rising costs elsewhere, like higher fuel prices, which are chipping away at disposable income," Kolaj said. "Against this backdrop, existing home sales are likely to remain subdued through the remainder of the year."On Wednesday, Redfin said new US home listings hit their highest level in more than four years in August, pushing the total inventory of homes for sale to its highest level since 2020.Earlier in the week, Zillow Group (Z, ZG) said US home sales fell annually last month as high mortgage rates dampened buyer demand and pushed more prospective buyers into a strengthening rental market.Price: $31.52, Change: $-0.62, Percent Change: -1.93%

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Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher in late Monday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.1%.The Philadelphia Housing Index was up 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.Bitcoin (BTC-USD) was rising 1.5% to $78,868, and the yield for 10-year US Treasuries fell 3.4 basis points to 4.70%.In economic news, the US will remove any entity facilitating money laundering on Iran's behalf from the US dollar system as part of "Operation Economic Outcast," Treasury Secretary Scott Bessent said Monday at a press conference. In addition, Bessent said the Treasury's Office of Foreign Assets Control is currently sanctioning over 60 entities, individuals and vessels assisting Iran, and he expects a "major announcement" of sanctions against a financial institution later this week.Separately, President Donald Trump said US tariffs on Canadian cars, trucks, auto parts and steel will rise to 50% next year, escalating trade tensions between the two countries after bilateral trade talks collapsed on Friday.The Chicago Federal Reserve Bank's monthly National Activity Index fell to minus 0.08 in July from 0.06 in June, compared with expectations for a smaller decrease to minus 0.05 in a Bloomberg survey.In corporate news, Strategy (MSTR) established USD Cash, a separate US dollar liquidity pool within its Digital Credit Capital Framework for future bitcoin treasury purposes, the bitcoin treasury firm said in a Monday regulatory filing. Strategy shares climbed 2.8%.Zillow (Z) shares gained 2.9% after it said Monday it has resolved a lawsuit brought by the US Federal Trade Commission and five states over its partnership with Redfin.Ares Management (ARES) led a $400 million private credit loan deal to facilitate CVC Capital Partners' acquisition of a stake in Chess.com, Bloomberg reported. Ares shares were down 0.9%.BlackRock (BLK) is gauging buying interest among rival managers, including Ares Management, for all $671 million of loans held by its TCP Capital private credit fund, Bloomberg reported. BlackRock shares rose 1.1%.

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Sectors

Sector Update: Financial Stocks Rise Monday Afternoon

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1%.The Philadelphia Housing Index was up 0.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.2%.Bitcoin (BTC-USD) was rising 1.6% to $78,957, and the yield for 10-year US Treasuries dropped 4.6 basis points to 4.692%.In economic news, the Chicago Federal Reserve Bank's monthly National Activity Index fell to minus 0.08 in July from 0.06 in June, compared with expectations for a smaller decrease to minus 0.05 in a Bloomberg survey.President Donald Trump said US tariffs on Canadian cars, trucks, auto parts and steel will rise to 50% next year, escalating trade tensions between the two countries after bilateral trade talks collapsed on Friday.In corporate news, Strategy (MSTR) established USD Cash, a separate US dollar liquidity pool within its Digital Credit Capital Framework for future bitcoin treasury purposes, the bitcoin treasury firm said in a Monday regulatory filing. Strategy shares rose 2.6%.Ares Management (ARES) led a $400 million private credit loan deal to facilitate CVC Capital Partners' acquisition of a stake in Chess.com, Bloomberg reported. Ares shares were down 1.4%.Zillow (Z) said Monday it has resolved a lawsuit brought by the US Federal Trade Commission and five states over its partnership with Redfin. Under the agreement, Zillow and Redfin are allowed to continue their partnership, which aims to provide multifamily rental listings from both companies. Zillow shares rose 2%.

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Wire

Top Midday Stories: Treasury Reportedly Could Use General Account to Fund Buybacks; Trump Raises Tariffs on Canadian Cars and Steel to 50% on Jan. 1

Stocks were mixed in late-morning trading Monday, with the Dow Jones Industrial Average up and the S&P 500 Index and Nasdaq Composite down, as Treasury yields fell after CNBC reported that the US Treasury Department may tap its General Account to help fund its buyback operation.The US will raise tariffs on all cars, trucks, automotive parts and steel from Canada to 50%, effective Jan. 1, 2027, President Donald Trump said Monday on Truth Social.In company news, Nvidia (NVDA) customers are facing price increases of over 15% on servers equipped with its artificial intelligence chips due to rising memory costs, Bloomberg reported Saturday, citing people familiar with the matter. The price hikes will impact systems shipped early next year, including those with Vera Rubin and Grace Blackwell chips, the report said, citing the people. Separately, Nvidia is discussing an investment in AI startup Perplexity as part of a funding round that would value the company at more than $30 billion, The Information reported Sunday, citing people familiar with the talks. The round could be worth billions of dollars and would increase Perplexity's valuation by more than 50% from its last financing, the report said. Nvidia shares were down 2.2% around midday.Alibaba (BABA) has officially rolled out its Wan3.0 AI video generation tool, Reuters reported Monday, citing a post on China's WeChat platform. The new model is able to produce 30-second videos from documents, spreadsheets, slides and web pages, the report said. Separately, Alibaba Chief Executive Eddie Wu bought 350,000 shares of the company for about $5 million, according to a regulatory filing with the US Securities and Exchange Commission. Alibaba shares were up 0.7%.PDD (PDD) reported Q2 non-GAAP earnings Monday of 19.33 Chinese renminbi ($2.88) per diluted American depositary share, down from 22.07 renminbi a year earlier but above the FactSet consensus analyst estimate of 18.45 renminbi. Second-quarter revenue was 112.36 billion renminbi, up from 103.99 billion renminbi a year ago but below the FactSet consensus of 115.09 billion renminbi. PDD shares were down 1.9%.Shell (SHEL) has drawn interest from potential bidders including ExxonMobil (XOM), LyondellBasell (LYB) and Apollo Global Management (APO) for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported Monday, citing people familiar with the matter. Shell shares were down 0.5%, while Exxon, LyondellBasell and Apollo shares were down 1.6%, down 2.2% and up 0.2%, respectively.H.B. Fuller's (FUL) board has rejected Ancora's bid to acquire its building adhesives unit for up to $1.2 billion, the company said Monday. The board concluded Ancora's bid undervalued the unit and failed to take into account its potential to be a significant driver of earnings in the future, the company said. H.B. Fuller shares were down 0.9%.Braskem (BAK) filed for out-of-court restructuring Monday, which involved more than $10 billion in debt, Reuters reported, citing people familiar with the matter. The filing, which comes as the petrochemical company's 60-day creditor protection period expires, provides an extra 90 days to negotiate a final restructuring plan with creditors, according to the report. Braskem shares were down 4.3%.Paramount Skydance's (PSKY) Monday meeting with California officials was canceled after State Attorney General Rob Bonta accused the company of leaking details and negotiating in bad faith over its proposed acquisition of Warner Bros. Discovery (WBD), The New York Times reported. Paramount shares were down 0.8%, while Warner Bros. shares were up 0.7%.Zillow Group (Z) said Monday it has resolved a lawsuit brought by the US Federal Trade Commission and five states over its partnership with Redfin. Under the agreement, Zillow and Redfin are allowed to continue their partnership, which aims to provide multifamily rental listings from both companies. Zillow shares were up 2.3%.Price: $210.12, Change: $-4.60, Percent Change: -2.14%

$APO$BABA$BAK$FUL$LYB$NVDA$PDD$PSKY$SHEL$WBD$XOM$Z
US Families With Children Hit Harder by Rent Costs Amid Housing Shortage, Zillow Says
Wire

US Families With Children Hit Harder by Rent Costs Amid Housing Shortage, Zillow Says

US households with children face a higher risk of rent burdens than those without kids, Zillow Group (Z, ZG) said Thursday, citing new analysis of US Census Bureau data.About one-third of US families with children are renters, and 54% of those households are considered rent-burdened, meaning they spend more than 30% of their income on rent, according to the online real estate marketplace.The US faces a 4.7 million-unit housing shortage, which continues to push costs higher for families needing multi-bedroom homes, Zillow said."As the average age of renters climbs, more than a third of renters today have children, yet their options for affordable family-sized apartments remain limited in most markets," said Kenny Lee, Zillow senior economist. "That pushes competition for homes higher, which pushes housing costs higher, and ultimately leads to more families doubling up or staying in homes they've long outgrown."Only 37% of all rentals on Zillow last month offered two bedrooms, while 24% offered three or more.Although family households generally earn more than nonfamily households, affordability challenges persist in high-cost markets. In Miami, 42% of family households rent, and 67% of those renters are considered rent-burdened, Zillow said.Finding affordable homes is most difficult in expensive coastal markets such as Seattle and New York City, where fewer than half of rental listings offer at least two bedrooms, Zillow said.Price: $36.07, Change: $+2.81, Percent Change: +8.45%

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July Home Sales Log Strongest Annual Growth of 2026 But Could Mark Year's Peak, Zillow Says
US Markets

July Home Sales Log Strongest Annual Growth of 2026 But Could Mark Year's Peak, Zillow Says

US home sales in July logged their strongest annual gain for the year, though certain key indicators suggest a slower second half, Zillow Group (Z, ZG) said Thursday.Sales rose 7% year over year to 382,898 homes last month. Newly pending listings -- which the real estate marketplace said is a leading indicator of future closings -- rose 0.3% annually, but dropped 7.7% sequentially in July.The latest sales data reflect contracts signed weeks earlier, when mortgage rates were hovering in a range of 6.5%. A surge in oil prices last month amid renewed hostilities between the US and Iran sent mortgage rates higher, which is expected to have prompted many home shoppers to pause their search, according to Zillow."July was a strong month for existing home sales, but unfortunately it may represent the peak of what we can expect for the rest of the year," Zillow Chief Economist Mischa Fisher said. "Closed sales in July mostly reflect offers accepted in June, when underlying pent-up demand for housing, combined with an improving rate environment, drove strong activity."There were 1.41 million homes for sale in the US last month, with active inventory up 1.5% from a year earlier. Home values are up 1.1%, the report showed."The affordability edge that has been a silver lining to an otherwise disappointing home shopping season may disappear in the coming months," Zillow said. "Unless they reverse course, mortgage rates will be higher than last year in August, likely enough to push the typical mortgage payment above year-ago levels."Last week, S&P Global (SPGI) division S&P Dow Jones Indices said US home price growth accelerated annually in May, though values dropped in real terms for a 12th straight month amid continued affordability headwinds.Price: $32.82, Change: $-3.28, Percent Change: -9.09%

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Constructing Homes on Vacant Lots Could Ease US Housing Shortage, Zillow Says
US Markets

Constructing Homes on Vacant Lots Could Ease US Housing Shortage, Zillow Says

The US housing market faces a long-running supply shortage, and building homes on empty for-sale lots could be one way of shrinking that gap, Zillow Group (Z, ZG) said Tuesday.More than 300,000 empty lots smaller than 5 acres were listed for sale on Zillow in June, reflecting 17.4% of all for-sale listings across the nation, according to the real estate marketplace.Building a single home on each would shrink America's housing shortage by 6.3% to roughly 4.44 million homes, Zillow said.The solution represents the "lowest-hanging fruit" in tackling a supply crisis that has developed over the last two decades, Zillow Senior Economist Kara Ng said."The challenge is making it feasible to build," Ng added. "Loosening zoning rules, streamlining permitting and expanding access to financing would reduce the cost and uncertainty that hold construction back, turning available lots into much-needed homes."Florida, Texas, and California top the list of states with the highest number of empty lots. Vacant parcels make up more than one-third of all for-sale listings in North Dakota, South Dakota, and Alaska, according to the report.Rural markets held the highest concentration of empty lots and are the least expensive on a per-acre basis, compared to suburbs and urban areas, Zillow said.Price: $32.20, Change: $-0.84, Percent Change: -2.53%

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Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.3%.The Philadelphia Semiconductor index climbed 2.2%.In sector news, Jeff Bezos' Blue Origin is raising about $10 billion in its first external funding round, valuing the rocket company at about $130 billion, news outlets reported. The reports said Bezos is expected to invest $2 billion, while Coatue Management plans to contribute about $4 billion. The remaining $4 billion has attracted strong investor demand and is expected to come from several major investors, CNBC reported.In corporate news, Alibaba (BABA), ByteDance, and DeepSeek may receive permission from China to buy a limited volume of Nvidia (NVDA) H200 chips to offset a shortage due to increasing demand for AI chips, The Information reported. Nvidia shares rose 3.8%.Apple (AAPL) said Wednesday Broadcom (AVGO) will produce chips to be used in Apple's products in a deal likely worth more than $30 billion. Apple shares rose 1.1%, and Broadcom jumped 5.5%.Zillow (Z) and Rocket's (RKT) Redfin are headed to trial in August in the Federal Trade Commission's challenge to their apartment-listing partnership after the US District Court for the Eastern District of Virginia declined the government's request for an early ruling, Bloomberg reported. Zillow shares fell 1.9%, and Rocket shed 3.3%.Amazon.com-backed (AMZN) Anthropic's Claude Code was flagged by China's National Vulnerability Database over an alleged security "backdoor" risk in versions 2.1.91 through 2.1.196, Reuters reported. The agency advised users to uninstall the affected versions or upgrade to the latest release and urged organizations to strengthen network monitoring to help prevent unauthorized data transfers, the report said. Amazon shares were down 1.4%.

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Wire

Market Chatter: Zillow, Redfin to Face FTC Trial Over Apartment-Listing Partnership

Zillow Group (Z, ZG) and Rocket Companies' (RKT) Redfin are headed to trial in August in the Federal Trade Commission's challenge to their apartment-listing partnership after the US District Court for the Eastern District of Virginia declined the government's request for an early ruling, Bloomberg reported Wednesday.US District Judge Anthony Trenga said at a hearing in Alexandria the case involves too many disputes to decide before a trial, which is scheduled to begin Aug. 24 and last two weeks, according to the report.At Wednesday's hearing, FTC lawyer Allyson Maltas said the deal between Zillow and Redfin reduced competition for internet listing services on apartment rentals, the report added."The FTC asked the court to partially resolve this case before Zillow has the opportunity to present its full evidence at trial - evidence that will demonstrate the pro-competitive effects of this partnership for renters and housing providers. We are pleased with the court's decision today, and look forward to presenting the full record at trial next month," Zillow said Wednesday in a statement.Rocket Companies did not immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $31.66, Change: $-1.13, Percent Change: -3.43%

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Housing Recovery Stalls in May as New Listings, Sales Fall Annually, Zillow Says
US Markets

Housing Recovery Stalls in May as New Listings, Sales Fall Annually, Zillow Says

New US home listings and sales dropped on an annual basis in May amid elevated mortgage rates, halting a market recovery, Zillow Group (Z, ZG) said Thursday.New for-sale listings fell 4.1% year over year to 422,956 units last month, while sales declined 2.9% to 341,929 units, according to the real estate marketplace.Although new listings have historically peaked in May or June, sellers pulled back last month. While sales rose on a monthly basis in May, they fell off the historic trend line. Mortgage rates rose past 6.5%, Zillow said."May housing results were disappointing for those hanging on to hope of a stronger year for sales," Zillow Chief Economist Mischa Fisher said.The mortgage payment on a typical home dropped 3.1% annually to $1,861 in May, while home values rose 0.8% sequentially to $368,720, the report showed.Active inventory increased 1% year over year last month, extending a streak of annual gains to 30 consecutive months, though the growth rate decelerated, Zillow said."Inventory is rising, but weekly data suggests it could flatline in the next four weeks." Fisher said. "A June peak for options home shoppers have to choose from would be early on the calendar, possibly foreshadowing slower sales in the second half of the year."On Wednesday, a report by the Mortgage Bankers Association showed that mortgage applications in the US fell in the week ended May 29."The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week," Joel Kan, the MBA's deputy chief economist, said at the time. "The retreat in rates, however, did not lead to an increase in mortgage applications."Price: $35.63, Change: $+0.12, Percent Change: +0.32%

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US Markets

New Home Listings Growth Outpaces Sales For First Time in 2026, Zillow Says

New for-sale home listings in the US grew at a faster rate annually than sales for the first time this year as elevated mortgage rates stalled recovery, Zillow Group (Z, ZG) said Wednesday.New listings rose 2.1% year over year to 426,356 units in April, while sales eased 0.4% to 323,631 units, according to the real estate marketplace. Active inventory increased 3.7% last month, putting the total number of for-sale homes at 1.3 million."The spring rebound we anticipated at the start of the year and that produced the stronger sales figures in March was put on pause in April by higher rates," Zillow Chief Economist Mischa Fisher said. "Still, someone who held off in 2025 hoping conditions would improve has seen that improvement."Last week, the average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less increased to 6.45% from 6.37% sequentially, a report by the Mortgage Bankers Association showed Wednesday.The monthly mortgage payment on a typical home in the US dropped 3.4% annually to $1,829 last month, while home values rose 0.7% to $366,712, Zillow said.The share of listings with a price reduction was 23.5% in April, down one percentage point from a year earlier, but up 0.9 percentage point sequentially.Despite the recent rise in mortgage rates, buyers who waited out the market of 2025 are entering on slightly better terms this spring, with more options, improved affordability and a little more decision time, according to Zillow."With more homes to choose from and lower monthly costs than a year ago, the math has shifted in favor of buyers even if the moment may not feel like it," Fisher said. "There's still plenty of reason for optimism that we will see a quick rebound if rates cooperate."On Tuesday, government data showed that new-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region.Price: $44.82, Change: $+1.28, Percent Change: +2.94%

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US Markets

Pending Home Sales Post Biggest Decline in 3 Months Amid High Mortgage Rates, Redfin Says

US pending home sales declined the most in three months during the four weeks ended April 5 as mortgage rates jumped to the highest level since September, Redfin said Thursday.Pending sales fell 2.4% year-over-year to 87,473 units as the weekly mortgage rate jumped to 6.46%, according to the online real estate brokerage."The Iran war and the turmoil it's causing in the markets are the reason mortgage rates are rising," Redfin Data Journalist Dana Anderson said. "The war is also contributing to widespread economic uncertainty, sidelining many would-be homebuyers."The ceasefire that was announced on Tuesday sent oil prices down and rallied markets, and it could help bring mortgage rates back down into the low-6% range."Sales plummeted by more than 15% each in Providence, Rhode Island, Houston and New York, while West Palm Beach, Florida, led the gains.New listings fell 2.6% year-over-year to 101,059 during the four week period, the largest decline in a month."While new listings are losing steam, it's still a strong buyer's market almost everywhere in the country," Anderson said.Newly pending listings grew in March at the fastest pace for the month since 2021 despite an increase in mortgage rates, Zillow Group (Z, ZG) said Monday.Rising mortgage rates and a 2.2% annual increase in home-sale prices -- the biggest in a year -- have pushed the monthly mortgage payment to $2,750, up 0.2% from a year earlier, according to the Redfin report.

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US Markets

Weekly Mortgage Applications Decrease Amid Elevated Rates, Economic Uncertainty

Mortgage applications in the US fell last week amid elevated rates and continued macro uncertainty, the Mortgage Bankers Association said Wednesday.The market composite index, which measures loan application volume, dropped 0.8% for the week through Friday on a seasonally adjusted basis. Without adjustments, the index decreased 1% week over week."Higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week," said Joel Kan, the MBA's deputy chief economist. "Many potential refinance borrowers have been frozen out by the sharp increase (in mortgage rates) over the past month."In late March, mortgage rates jumped to 6.38% from 5.98% at the end of the previous month, real estate marketplace Zillow Group (Z, ZG) said earlier this week, citing Freddie Mac data.Late Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.The average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less fell to 6.51% from 6.57% a week ago, the MBA reported Wednesday. For loan balances higher than that amount, the rate dropped to 6.54% from 6.59%. For 15-year loans, the rate edged higher to 5.90% from 5.89% week to week.The refinance index moved down 3% on a weekly basis, with the pace of refinance applications at its lowest level since December, according to Kan.The seasonally adjusted purchase index rose 1% from a week earlier. Without adjustments, the index increased 1% sequentially, and was 7% lower than a year earlier, representing its first annual decline since January 2025, Kan said."Overall purchase activity has also been adversely impacted by current conditions," Kan said. "However, certain loan types and geographic segments are faring better than others because of lower rates on (adjustable-rate mortgage) and (Federal Housing Administration) loans, as well as growing housing inventory in some local markets."Fixed-rate mortgages with 30-year terms backed by the FHA fell to 6.22% from 6.25% the week before. The share of FHA loans, which are often used by first-time home buyers and can involve smaller down payments, inched lower to 19.3% of total applications from 19.5%, according to the MBA.Price: $41.84, Change: $+1.05, Percent Change: +2.57%

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