Sales of Existing Homes at Five Year Low in August

More bad news on the real estate front? Maybe.

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.


Your code to embed this article on your website* :

*You are allowed to change only styles on the code of this iframe.


  • Jerry Green

    September 26, 2007

    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 ...

  • «
  • Page 1 of 1
  • »
Add your Comment

Featured - 30 Year Fixed Mortgage Rates 2023

Lender APR Rate (%) Points Fees Monthly
Learn More
Good Day Financial, LLC
NMLS ID: 1984206
License#: #: MC-7440
7.040% 6.875% 1.00 $4,460 $1,643 Learn More
NMLS ID: Not a Lender
Learn More