Existing-home Sales Fall to 5-year Low in August

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Existing-home Sales Fall to 5-year Low in August

By Rex Nutting

RISMEDIA, Sept. 26, 2007-(MarketWatch)-U.S. sales of existing homes fell 4.3% to a seasonally adjusted annual rate of 5.50 million in August, the lowest since August 2002, the National Association of Realtors reported Tuesday. Sales in August were down 12.8% compared with August 2006.

Economists surveyed by MarketWatch were expecting sales in August to fall to a 5.49 million pace. Inventories of unsold homes on the market rose by 0.4% to 4.58 million, representing a 10-month supply at the August sales rate. For single-family homes alone, the inventory represents a 9.8-month supply, the most since May 1989. The median sales price was $224,500, up 0.2% since August 2006. Single-family median prices were unchanged year-over-year at $223,900.

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Categories: Real Estate