Sales of existing homes fell 0.5 percent in August to a seasonally adjusted annual rate of 6.30 million, according to the National Association of Realtors. Sales have fallen five months in a row and in nine of the past 12 months. Sales are down 12.6 percent in the past year. It's the lowest sales pace since January 2004.
The median price of an existing home fell 1.7 percent year-over-year to $225,000. It's the first time since April 1995 that median prices have fallen on a year-over-year basis. It's the second largest decline in the 30-year history of the Realtors' survey, exceeded only by a 2.1 percent drop in November 1990. Inventories of unsold homes rose to 3.92 million, a 7.5-month supply at the August sales pace, the most since April 1993. At the August sales pace, it would take 7.5 months to sell the backlog of unsold homes, representing the longest period since April 1993.
Sales of single family homes were unchanged at a 5.51 million annual pace. But this sales pace was 12.3 percent lower than a year ago. Condo sales fell 3.5 percent to 793,000. By region of the country, sales of existing homes rose 1.9 percent in the Northeast to a seasonally adjusted annual rate of 1.07 million units in August.
The median price for a home sold in the Northeast was $271,000, down 3.9 percent from August 2005. Existing home sales in the Midwest rose 0.7 percent to an annual rate of 1.44 million units with the median price dropping to $176,000, 1.1 percent below a year ago.Sales in the South fell by 0.8 percent to an annual rate of 2.51 million units with the median price falling to $184,000, down 2.6 percent from a year ago. Sales in the West fell by 2.3 percent in August to an annual rate of 1.29 million units with the median price dropping to $345,000, up 0.3 percent from a year ago.
Don't Ask Me Why, But I STILL Think We Are Going to Have A Really Good 4th Quarter! Chris
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