After three straight months of gains, NAR reported yesterday that existing-home sales dropped slightly in August. All four major regions experienced a decrease in sales in August.
Sales fell 4.8 percent to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July. However, even taking into account last month’s decline, sales have risen year–over–year for 11 consecutive months and are 6.2 percent above a year ago (5 million).
Some positive news, the share of first–time buyers rebounded to 32 percent in August, up from 28 percent in July and at its highest share since May. A year ago, first–time buyers represented 29 percent of all buyers.
Here are some key data points (in charts) of where the existing-home market stands through August.