Home sales in the D.C. metro area hit a 16-year low in August, with closed sales down 5.1% from the previous year despite a significant increase in active listings. The median home price rose 4.6% year-over-year to $612,000, posing affordability challenges for buyers. Buyers now have more leverage to negotiate terms such as home inspections and repairs. Meanwhile, China's home prices experienced the steepest annual decline in nine years, with new-home prices dropping 5.7% year-over-year in August across 70 cities. Despite government efforts to stimulate the market through measures like reducing mortgage costs, the property downturn continues, particularly affecting smaller cities. Analysts suggest that additional stimulus may be necessary to stabilize the market.