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9/22, 4:00 PM (Source: TeleTrader)
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US existing home sales down 2% in August

Sales of existing homes in the United States dropped by 2% in August compared to the previous month to a seasonally-adjusted annual rate of 5.88 million, according to the National Association of Realtors (NAR) report published on Wednesday.

On an annual basis, the August increase was 1.5% lower than last year. Meanwhile, the median existing-home sales price for all housing types in August saw a yearly gain of 14.9% to $356,700. Total housing inventory at the end of August was 1.29 million units, down 1.5% month-over-month and 13.4% year-on-year.

Commenting on the data, NAR's chief economist Lawrence Yun said that "sales slipped a bit in August as prices rose nationwide... Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory."

Breaking the News / IB