Sales of previously owned U.S. homes fell 2.5% in August, reaching an annual rate of 3.86 million units, as reported by the National Association of Realtors (NAR). This decline was in line with expectations, and year-over-year sales dropped 4.2%. Despite lower mortgage rates, which averaged 6.2%, and an increase in housing supply, home prices remain elevated, with the median price rising 3.1% to $416,700. The Federal Reserve's recent interest rate cut may further reduce mortgage rates, potentially encouraging more homeowners to sell. In the Charlotte area, home sales fell over 8% while prices rose, indicating a local market trend of decreasing sales amid rising prices. Overall, industry experts suggest that while conditions are improving, significant growth in home sales remains unlikely through the end of 2024.