Existing Home Sales

Existing Home Sales Slip 2.7%

From CNN:

Existing home sales fell in August, snapping a four-month streak of increases, according to a report released Thursday.

Sales of previously-owned homes fell 2.7% last month from July, but were up 3.4% from a year ago, said the National Association of Realtors.

Sales had jumped 15.2% in the previous four months.

“This is an unpleasant surprise,” said Ian Shepherdson, economist at High Frequency Economics, in a research note.

The NAR report said August home sales hit a seasonally-adjusted annual rate of 5.1 million units, down from 5.24 million in July. That’s well below the analyst consensus estimate of 5.35 million annual units compiled by Briefing.com.

Looks like we’re not quite out of the woods yet.

Danger!, originally uploaded by Nostromoo.

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