Existing home sales ended two months of gains in August, falling 2.0
percent on a seasonally adjusted basis from the previous month. The
National Association of Realtors® (NAR) said preowned single-family
homes, townhomes, condominiums, and cooperative apartments sold at an
annual rate of 5.88 million units during the month compared to 6.00
million in July. Sales were 1.5 percent lower on an annual basis.

The
dip was expected, and sales came in only slightly under the levels
predicted by Econoday and Trading Economics. Their respective consensus
estimates were 5.90 and 5.89 million.

Single-family home sales
decreased to a seasonally adjusted annual rate of 5.19 million in
August, down 1.9 percent from 5.29 million in July and 2.8 percent fewer
than the rate in August 2020. Condominiums and co-ops sold at a
seasonally adjusted annual rate of 690,000 units in August compared to
710,000 in July, a decline of 2.8 percent month-over-month. Sales were
9.5 percent higher than a year earlier.

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