Industry News

Existing-home sales fall 12.6% in August

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The median U.S. existing-home home price dropped 1.7 percent and the sales rate dropped 12.6 percent in August compared to the same month in 2005, the National Association of Realtors trade group reported today. Regionally, existing-home sales -- including single-family houses, townhomes and condominiums -- rose 1.9 percent in the Northeast to a pace of 1.07 million in August, but were 11.6 percent below August 2005. The median existing-home price in the Northeast was $271,000, down 3.9 percent from a year earlier. Existing-home sales in the Midwest rose 0.7 percent in August to a level of 1.44 million, but were 11.1 percent lower than a year ago. The median price in the Midwest was $176,000, which is 1.1 percent below August 2005. Sales in the South slipped 0.8 percent to an annual sales rate of 2.51 million units in August, and were 7.4 percent below August 2005. The median price in the South was $184,000, down 2.6 percent from a year ago. Existing-home sales in the West dropped 2....