US existing home sales fall 2.5% in August

Lower mortgage rates, increasing inventory to provide environment ‘for sales to move higher in future months,’ says economist

By Ovunc Kutlu

ISTANBUL (AA) - US existing home sales fell 2.5% in August, compared to the previous month, the National Association of Realtors (NAR) said Thursday.

Existing home sales, which measure the change in the number of existing residential buildings sold, fell to a seasonally adjusted annual rate of 3.86 million in August.

The figure came in lower than estimates of 3.92 million, while the July figure was revised to 3.96 million from 3.95 for a monthly decline of 1.5%.

The median existing home sales price rose 3.1% annually to $416,700 in August -- the fourth straight month it reached an all-time high and the 14th consecutive month of year-on-year price gains, said the NAR.

"Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months," NAR Chief Economist Lawrence Yun said in a statement.

On an annual basis, existing home sales also fell 4.2%, down from 4.03 million in August 2023.

Kaynak:

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