Current Events, Market, News

Existing Home Sales Slip 2.7%

Existing home sales, which had risen for the past four months, slipped 2.7 percent in August, according to the latest report of the National Association of Realtors.

Still, the number of sales was 3.4 percent above last year.

Credited for the slide in sales were higher mortgage rates, which on average were over a percent higher in August than July.

Home sales had shown relative stabilization in the four months prior to August, mostly because of the $8,000 federal tax credit for first-time homebuyers. However with that credit set to expire on November 30th, home sales may end up declining again.

In the South, existing home sales were down 3.1 percent for the month, but remained 1.6 percent above last year. The median price of a home was $157,400 – an 11 percent drop from August 2008.

 

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