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.

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.

The national median existing-home price for all housing types was $203,100 in August, down 9.5 percent from $224,400 a year ago.

While total housing inventory at the end of August (4.26 million units) was 2.9 percent lower than a year ago (4.38 million units), the supply of homes for sale actually rose during the period from 9.6 months to 10.4 months, indicating longer days on market.

By region, existing-home sales fell sharpest in the South (-15.1 percent) compared to a year ago, followed by the Northeast (-15 percent) and Midwest (-12.3 percent). Sales in the West gained 4.9 percent over their year-earlier numbers.

Prices declined greatest in the West (down 23.9 percent to $251,600) compared to a year ago, followed by the Midwest (down 5.6 percent to $168,000), Northeast (down 3.8 percent to $271,000), and South (down 3.4 percent to $176,500).

"The highest concentration of foreclosures is in the West, which is weighing down the median price because many buyers are taking advantage of deeply discounted prices," Lawrence Yun, NAR’s chief economist, said in a statement.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×