USA Existing Home Sales - MoM
|Latest Release:||22-12-2014 15:00:00|
|Next Release:||21-10-2013 14:00:00|
|Source:||National Association of Realtors|
The sale of previously-owned US homes declined unexpectedly in August after four consecutive monthly gains boosted optimism the housing recovery was finally gaining traction.
Existing US home sales tumbled 1.8 percent to a seasonally adjusted annual rate of 5.05 million, following a downwardly revised gain of 2.2 percent the previous month, the National Association of Realtors reported today. A median estimate of economists called for a monthly gain of 1 percent.
Sales in August were at the second highest pace in all of 2014. Compared to August 2013, sales were down 5.3 percent, NAR data showed.
Sales rose in two of the four US regions, led by a 4.7 percent gain in the Northeast. Existing home sales rose 2.5 percent in the Midwest. Meanwhile, sales declined 4.2 percent in the South and 5.1 percent in the West.
Total inventory at the end of August fell 1.7 percent to 2.31 million. At the current sales pace, it would take 5.5 months to clear existing inventories.
âThere was a marked decline in all-cash sales from investors,â said NAR chief economist Lawrence Yun in a statement. "On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.â
"As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for...
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