Existing Home Sales Drop 2.5% in August

The National Association of Realtors is reporting that existing home sales were down 2.5% in August to a seasonally-adjusted annual rate of 3.86 million – down 4.2% year over year.  Total housing inventory at the end of August was 1.35 million units, up 0.7% from July and up 22.7% from one year ago.  Unsold inventory sits at a 4.2-month supply at the current sales rate with properties remaining on the market for around 26 days.  The median existing-home price for all housing types in August was $422,100.

“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months…”  Said NAR Chief Economist Lawrence Yun.

Click here to read the full report at the National Association of Realtors.

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