August U.S. home sales dip slightly
The National Assn. of Realtors reports sales of existing homes nationwide fell slightly last month from Julyâ€™s levels, but were still higher than the same month a year ago.
Itâ€™s not unusual for home sales to dip slightly from July to August â€“ that also happened for the last three years. August sales fell 2.7% from July, to a seasonally adjusted annual pace of 5.1 million units. Last monthâ€™s sales were 3.4% above the 4.93-million-unit pace of August 2008.
The median price for U.S. resale homes in August was $177,700, practically even with Julyâ€™s $178,400 median, but down 12.5% from August 2008, the Realtors group said.
Home sales also showed signs of returning to a more normal mix of transactions â€“ for the last year home sales in many areas were dominated by sales of foreclosures to investors and first-time buyers.
First-time home buyers accounted for 30% of sales in August, the association said. In March, first-time buyers comprised 53% of purchasers, according to the association, and distressed sales made up a slight majority of purchases that month.
As usual, the Calculated Risk blog has several historical graphs and tables for those of you who want to really go deep into this.
--Peter Y. Hong