Existing Homes Sales Record Biggest August Drop Ever, But Prices Keep Inflating

(Before It's News)

by Lee Adler
Wall Street Examiner

Portions of this report have been reposted from last month’s postings on this data. All data and charts are updated.

NAR data on housing sales showed the largest August decline since 1999, the earliest publicly available data. Annual sales volume growth fell to +5.4%, down from red hot gains of +11.5% in July and +13% in June. Total sales volume in July was the heaviest for that month since the peak of the housing bubble in 2005. August volume of 505,000 closings was just below the recovery peak of 518,000 set in August 2013. On an absolute level it’s still a strong number, but the two things that stand out are the size of the month to month decline, and that sales are no longer at the peak level.

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