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National Existing Home Sales Unexpectedly Drop In Aug.

Sep 24, 2009 | Reprints | Unlock Link | Print

Sales of previously owned homes nationwide unexpectedly fell in August, a survey showed Thursday, a minor setback for the housing market’s recovery from a three-year slump.

The National Association of Realtors said sales fell 2.7 percent to an annual rate of 5.10 million units, from 5.24 million units in July. That compared to market expectations for a 5.35 million unit pace.

NAR Chief Economist Lawrence Yun described the decline as a "mild retreat" after a strong gain in July, adding that the August pace was the second-highest in 23 months. Compared to August last year, sales were up 3.4 percent.

Residential Real Estate