This follows three months of consecutive gains. None of the four major regions experienced sales increases in August. Total existing home sales, which are completed transactions that include single–family homes, townhomes, condominiums and co–ops, fell 4.8% to a seasonally adjusted annual rate of 5.31 million in August. This is well below analyst expectations of 5.5 million, and down from a revised 5.58 million in July.
Lawrence Yun, NAR chief economist, says home sales in August lost some momentum to close out the summer.
“Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers," he said. "The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year."
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