Home Sales Drop 10.7%

Wednesday, September 24, 2008 | 10:15 AM

The good news is, the pace of the Housing slow down is now decelerating.

The bad news, there is no bottom in sight.

And seasonally, we usually see an uptick in activity in August, as last minute closings take place befroe the new school year begins. No such bump happened in August 2008, as sales slipped 2.2% for the month.

Median existing-home price for all housing types was $203,100 in August, down 9.5% from August 2007 median price of $224,400.

Single-family home sales fell to an annual rate of 4.35 million in August. This is 9.6% below the 4.81 million-unit level a year ago.

Another small positive: The inventory of unsold homes at the end of August was 10.4 months versus 10.9 months' at the end of July. Still way too high, but improved somewhat.

>

Existing Home Sales, Non Seasonally Adjusted, 2005-08Aug08_exisiting_sales_nsa

chart courtesy of Calculated Risk

>




Source:
Existing-Home Sales Slide on Tight Mortgage Availability
WASHINGTON, September 24, 2008
http://www.realtor.org/press_room/news_releases/2008/ehs_tight_mortgage_slide

Wednesday, September 24, 2008 | 10:15 AM | Permalink | Comments (35) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post

bn-image

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c52a953ef010534ca4d6c970b

Listed below are links to weblogs that reference Home Sales Drop 10.7%:

Comments

Wow, BR: There's almost enough of a silver lining in that report for senor Kudlow to proclaim "Goldilocks lives!"

Posted by: Chief Tomahawk | Sep 24, 2008 10:46:13 AM

The comments to this entry are closed.



Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Archives

Complete Archives List

Blogroll

Blogroll

Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:


Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites

FeedBurner


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo

Disclaimer

Disclaimer

Odds & Ends

Site by Moxie Design Studios™

FeedBurner