Friday, September 26, 2008

NAR: Existing Home Sales Down in August

The National Association of Realtors says home prices and home sales fell in August:
Sales of existing homes fell in August, according to the latest reading on the battered housing market released Wednesday by an industry trade group.

The National Association of Realtors reported that sales by homeowners sank in August to an annual pace of 4.91 million, down 2.2% from the revised July reading of 5.02 million. It was the ninth month in a year in which the sales pace fell.

August sales were down 10.7% from a year earlier. ...

Meanwhile, the median price of a home sold during the month — including single-family homes, townhomes, condominiums and co-ops — fell 9.5% to $203,100 from $224,400 a year ago. Before the start of the current housing slump, it had been 11 years since prices fell on a year-over-year basis.

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