MarketWatch: August existing home sales down 2%

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U.S. August existing home sales down 2% to 4.91 mln pace

By Greg Robb
Last update: 10:08 a.m. EDT Sept. 24, 2008Comments: 22

WASHINGTON (MarketWatch) - Resales of U.S. single-family homes and condos fell 2.2% in August to a seasonally adjusted annual rate of 4.91 million, the National Association of Realtors reported Wednesday. Economists surveyed by MarketWatch had expected sales to hit 4.93 million. Resales have fallen 10.7% in the past year. The inventory of unsold homes on the market fell 7% to 4.26 million, an 10.4 month supply at the current sales pace. This is the lowest level since March. The median sales prices fell 9.5% in the past year to $203,100. For July, resales rose a revised 3.5%, compared with the prior estimate of a 3.1% rise.


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