Sales of Existing Homes at Five Year Low in August

Article Submitted by: Cindy Daniels
Real Estate


More bad news on the real estate front? Maybe.

 

Submitted: Sep 25, 2007    Views: 200    Comments: 1    Likes: 5   


The National Association of Realtors reported today that sales of existing homes in August fell to a 5 year low.  Purchases declined 4.3 percent, less than forecast, to an annual rate of 5.5 million. Sales dropped 13 percent compared with a year earlier and median home prices rose 0.2 percent to $224,500.

Of course, this contradicts data from the Case-Schiller index which shows home prices falling by several percentage points in July.  It's hard to imagine this decline reversed in August.

Either way, it seems clear that real estate is coming down as it had to.  Prices were simply too high.

 




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Comments Received:

Jerry Green

In three years, you will reflect on September 2007 as having been very close to the top of the bubble. Many more steps down untilw e get to the ground floor ...

Posted: Sep 25, 2007



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