Sales of Existing U.S. Homes Unexpectedly Declined in AugustBy
Sales of previously owned U.S. homes unexpectedly declined to a six-month low in August, signaling buyers are getting discouraged by a limited selection of properties that’s kept prices high, National Association of Realtors data showed Thursday.
- Contract closings fell 0.9 percent to a 5.33 million annual rate (forecast was 5.45 million)
- Sales rose 7.3 percent from August 2015 before seasonal adjustment
- Median price of an existing home increased 5.1 percent from August 2015 to $240,200
- Inventory of available properties fell 10.1 percent from a year earlier to 2.04 million, the fewest homes since March…
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