by qrono
25. September 2009 04:35
According to the National Association of Realtors, existing home sales declined 2.7% in August to 5.10 million units, from 5.24 million in July; this follows gains in the previous 4 months during which sales rose a total of 15.2%. Lawrence Yun, NAR chief economist, said: “Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. Some of the give-back in closed sales appears to result from rising numbers of contracts entering the system, with some fallouts and a backlog contributing to a longer closing process.” Yun cautioned that “we can’t take a housing rebound for granted” given the decline in August. Existing home sales are compiled from contract closings and may reflect purchases agreed upon weeks or months earlier. Total housing inventory at the end of August fell 10.8% to 3.62 million existing homes available for sale, which represents an 8.5-month supply at the current sales pace. The national median existing-home price for all housing types was $177,700 in August, down 12.5% from August 2008.
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Tags: sales
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