Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Existing Home Sales Unexpectedly Decline 1.7 Percent: Fourth Drop in Five Months

Courtesy of Mish.

The Econoday consensus expected a small increase in existing home sales in August.

Instead, sales decline a substantial 1.7%. The August decline follows a 1.3% decline in July.

Fourth Drop in Five Months

MarketWatch reports Existing Home Sales Fall in August for the Fourth Time in Five Months.

Existing home sales in August dropped for the fourth time in five months as real-estate agents continue to blame a lack of available homes to buy.

The National Association of Realtors said existing home sales fell 1.7% to a seasonally adjusted rate of 5.35 million. Economists polled by MarketWatch expected a 5.44 million pace.

The median existing-home price in August was $253,500, up 5.6%.

Total housing inventory at the end of August declined 2.1% to 1.88 million existing homes available for sale, and is now 6.5% lower than a year ago.

Harvey Impact

The Wall Street Journal reports A sharp drop in sales in Houston, which was racked by Hurricane Harvey, accounted for most of the overall decline.

Existing-home sales fell 1.7% from a month earlier to a seasonally adjusted annual rate of 5.35 million, the National Association of Realtors said Wednesday. Economists surveyed by The Wall Street Journal expected a rate of 5.45 million sales in August.

Sales have risen just 0.2% over the past year.

A sharp drop in home sales in Houston, which was racked by Hurricane Harvey last month, accounted for most of the overall decline in home sales, NAR economist Lawrence Yun said. He estimated overall sales would have been flat from the prior month without the hurricane effects.

Housing Starts Down Again

Yesterday, the Census Bureau New Residential Construction report shows housing starts declined again in August but July starts were revised substantially higher. Still, starts have lost momentum and are only up 1.4% from a year ago.


Continue reading here…


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!