Homepage
PR Newswire
22-09-2014, 11:07 PM
US existing home sales fall in August
AP SEPTEMBER 23, 2014 12:45AM
Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce.
The National Association of Realtors says sales of existing homes fell 1.8 per cent to a seasonally adjusted annual rate of 5.05 million.
That snaps a four-month streak of gains.
August sales are down from a July rate of 5.14 million, a figure that was revised slightly downward.
Much of the slowdown came from the exodus of investors, who had been buying properties in the aftermath of the housing bust and recession.
Investors accounted for just 12 per cent of August purchases, compared to 17 per cent a year earlier.
Overall, the pace of home sales has dropped 5.3 per cent year-over-year.
Rising prices through much of 2013 and weak income growth priced out many would-be buyers.
AP SEPTEMBER 23, 2014 12:45AM
Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce.
The National Association of Realtors says sales of existing homes fell 1.8 per cent to a seasonally adjusted annual rate of 5.05 million.
That snaps a four-month streak of gains.
August sales are down from a July rate of 5.14 million, a figure that was revised slightly downward.
Much of the slowdown came from the exodus of investors, who had been buying properties in the aftermath of the housing bust and recession.
Investors accounted for just 12 per cent of August purchases, compared to 17 per cent a year earlier.
Overall, the pace of home sales has dropped 5.3 per cent year-over-year.
Rising prices through much of 2013 and weak income growth priced out many would-be buyers.