Existing-home sales in August fell 0.9 percent to a seasonally adjusted annual rate of 5.33 million compared with a rate of 5.38 million in July, but are 0.8 percent higher than the rate in August 2015 of 5.29 million, according to the National Association of Realtors.
Existing-home sales in August fell 0.9 percent to a seasonally adjusted annual rate of 5.33 million compared with a rate of 5.38 million in July, but are 0.8 percent higher than the rate in August 2015 of 5.29 million, according to the National Association of Realtors.
Existing single-family home sales in August dropped 2.3 percent to a seasonally adjusted annual rate of 4.7 million from 4.81 million in July, but are 0.6 percent above the rate of 4.67 million in August 2015.
“Healthy labor markets in most the country should be creating a sustained demand for home purchases,” said NAR Chief Economist Lawrence Yun in a statement. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”
The median existing-home price in August was $240,200, up 5.1 percent year-over-year.
August existing-home sales in the Northeast rose 6.1 percent to a seasonally adjusted annual rate of 700,000, which is unchanged from August 2015. The Midwest reported a 0.8 percent decrease to a rate of 1.27, a 0.8 percent annual gain. Existing-home sales in the South fell 2.7 percent to a rate of 2.16 million, 0.9 percent higher year-over-year. In the West, sales decreased 1.6 percent to a rate of 1.2 million, a 0.8 percent gain year-over-year.
