Existing Homes Sales Decline After Months of Gains

After five straight months of increases, existing home sales took a breather in August — along with rising values. According to figures compiled by the National Association of Realtors, existing homes sales of one-to four-family units fell 2.8% in August (compared to the previous month) to a seasonally adjusted rate of 4.48 million units. Compared to the same month last year sales were down 2.5%. After several months of increases, the median sale price of a home fell to $177,500, NAR reported. But the trade group had some good news: the monthly supply of homes for sale continued to decline. In August there was an 8.2 months supply of homes for sale compared to 10.6 months back in November of last year, the nadir of the housing crisis. NAR and other trade groups are lobbying hard to have Congress extend the $8,000 first-time homebuyer tax credit which is set to expire on Nov. 30.