Industry News

Existing-home sales drop in August

Median home price down slightly, too

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Existing-home sales dropped 2.7 percent from July to August, to a seasonally adjusted annual rate of 6.54 million units. August sales activity was 2.3 percent above the 6.39 million unit pace in August 2003, the National Association of Realtors reported today. The seasonally adjusted annual rate projects the monthly rate of existing-home sales over a 12-month period. The national median existing-home price was $190,100 in August, which is down from the $191,300 median price reported in July, but up 7.3 percent from August 2003 when the median price was $177,200. The median is a typical market price where half of the homes sold for more and half sold for less. Housing inventory levels at the end of August slipped 0.4 percent from July to a total of 2.48 million existing homes available for sale, which represents a 4.6-month supply at the current sales pace. David Lereah, chief economist for the association, said the market is adjusting to a more sustainable pace. "Since April we've exp...