By Jann Swanson | Mortgage News Daily
The investors who kept the real estate market living and breathing through the worst days of the housing crash continue to drift out of the market the National Association of Realtors® (NAR) said on Monday. As a result of this and other factors the sale of existing homes fell slightly in August, ending four straight months of gains.
Sales of existing homes including single-family houses, townhomes, condominiums, and co-op apartments, slipped 1.8 percent from July sales to a seasonally adjusted annual rate of 5.05 million. Sales in July were revised down from 5.15 million to 5.14 million. NAR said that, despite the slip, sales in August were still at the second highest rate of the year. They still, however, remain 5.3 percent below the 5.33 unit level in August 2013, the second highest sales pace of that year. Individual investors purchased 12 percent of homes in August, down from 16 percent in July and 17 percent in August 2013.
