US existing home sales decline in August

The National Association of Realtors said that existing home sales in the United States fell 0.7% to a seasonally adjusted annual rate of 4.04 million units in August, and analysts expected existing home sales to rise to 4.10 million units in August.

On an annual basis, home sales, which represent a large portion of US housing sales, fell by 15.3% in August, and there were 1.1 million previously owned homes on the market, down 14.1% from last year, and according to the pace of sales in August, it will take 3.3 months to exhaust the current inventory of homes. The list is up from 3.2 months a year ago.

The median existing home price rose 3.9% to $407,100 in August compared to the same period last year and is the third month in a row that the median sales price exceeded $400,000.

Sponsored by Trade View