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According to the latest report released by the National Association of Realtors (NAR), existing home sales in August fell 2% to 3.98 million units (seasonally adjusted). Notably, the number of homes for sale rose to 1.62 million units—first exceeding the 1.6 million mark since November 2019—while the median selling price remained high at $429,100 (up 1.6% year over year).

The figures clearly reflect the persistent pressure stemming from high mortgage interest rates on the real economy. A “paradox” is unfolding: while housing supply in the market is abundant, liquidity is effectively frozen. This is driven by costly borrowing combined with record-high home prices, severely constraining buyers’ ability to access the market.

For traditional financial markets, the weakening of the real estate sector—a key pillar of the U.S. economy—further strengthens the case for the Federal Reserve (Fed) to accelerate the pace of monetary policy easing. Slowing economic momentum could cool Treasury yields, which in turn may weaken the U.S. dollar in the short to medium term.

For the crypto market, signs of moderation from the macroeconomic backdrop are boosting expectations that cheaper capital will return. As interest rates enter a downward cycle, global liquidity will improve, creating a positive tailwind for risk assets such as $BTC and the entire crypto market in the coming quarters. 📊

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