Resales of U.S. homes dropped 2.7% in August to a seasonally adjusted annual rate of 5.1 million, the first decline in five months, prompting the National Association of Realtors to again plead for more taxpayer subsidies for their business.
The August existing-home sales figures represent “a mild retreat from a very strong gain in July,” when sales rose 7.2%, said Lawrence Yun, chief economist for the real estate trade group, which reported the August sales figures on Thursday. The August sales pace was the second highest in 23 months, he said.
The median price of a home sold in August was $177,700, 12.5% lower than in August 2008. That’s the smallest year-over-year decline in prices in 10 months.
Sales fell in three of four regions last month, with only the West showing a small increase — 2.7%.
Sales of single-family homes fell 2.8% in August to a 4.48 million rate, up 2.5% compared with a year earlier. Sales of condos fell 1.6% in August and were up 10.1% compared with August 2008.
Sales were concentrated in the low end of the market. About a fifth of sales were for less than $100,000, and 70% were for less than $250,000.
From the WSJ:
U.S. existing-home sales slipped in August, as the housing market stumbled on its path to recovery.
Sales of existing homes declined 2.7% last month to a seasonally adjusted annual rate of 5.10 million units, after four straight months of increases, the National Association of Realtors said Thursday. That represented a swift change from July, when sales rose at the fastest rate in 10 years to a pace of 5.24 million.
From the NYT:
Home resales in the Northeast dropped off in August, reversing four straight months of gains and echoing the national trend.
The nine-state region registered 92,000 home resales last month, down more than 12 percent from July, but nearly 6 percent higher than a year ago, the National Association of Realtors said Thursday.
The median price tumbled almost 11 percent from the year before to $241,100.
Nationally, sales of existing homes fell from July to August but were up 2 percent from the previous year, without adjusting for seasonal factors, while the median sales price slid almost 13 percent to $177,700.
Eight of nine major Northeast cities tracked in the Associated Press-Re/Max Monthly Housing Report showed annual decreases in home sales in August, while all registered price declines. The report analyzed sales transactions in the metropolitan statistical areas recorded by all real estate agents, regardless of company affiliation.