By Vincent Salandro Builder
Existing-home sales—including transactions for single-family homes, townhomes, condos, and co-ops—declined by 2.5% in August to a seasonally adjusted annual rate of 3.86 million, according to the National Association of Realtors (NAR). On a year-over-year basis, existing-home sales fell by 4.2%.
“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in the future months,” says NAR chief economist Lawrence Yun. “The home-buying process, from the initial search to getting the house keys, typically takes several months.”
