NAR: Sales, prices sink in August

Sales and prices of existing homes in August fell approximately 10 percent from a year ago, as total for-sale inventory declined by 128,000 units, according to data released today by the National Association of Realtors.

The seasonally adjusted sales rate, which includes single-family, townhomes, condominiums and co-ops, sank to 4.91 million units last month -- a 2.2 percent drop from 5.02 million in July and 10.7 percent lower than the 5.5 million in August 2007.

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