- REUTERS/Jessica Rinaldi
Existing home sales fell 0.9% at a seasonally adjusted annual rate of 5.33 million in August, according to the National Association of Realtors.
Economists had forecast that sales of existing condos, co-ops, and single-family homes rose by 1.1% at a seasonally adjusted annual rate of 5.54 million, according to Bloomberg.
The numbers are volatile on a monthly basis, but showed that in July, sales fell for the first time since November 2015 on a year-over-year basis.
“Healthy labor markets in most the country should be creating a sustained demand for home purchases,” said Lawrence Yun the NAR chief economist, in the release.
“However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”
He said that hopes of a sales rebound during the summer were dashed because there weren’t enough affordable homes for would-be buyers.
The drop in July was revised even lower, by 0.2 percentage points to -3.4% at a rate of 5.38 million.