Sales Of Existing Home Sales Drop 4.8% In August

Sales of previously owned homes in the U.S. fell 4.8% in August to an annual pace of 5.31 million, marking the first decline in four months, the National Association of Realtors said Monday. The sales rate in July was revised down slightly to a seasonally adjusted 5.58 million, but that was still the highest level in eight years. Economists surveyed by MarketWatch had expected sales to drop to a rate of 5.52 million. The median price of homes sold was up 4.7% to $228,700 from 12 months ago. Inventories of existing homes on the market rose 1.3% to 2.29 million, representing 5.2 months' supply at current sales trends. Sales fell in all major regions except the Northeast, where they were unchanged.