Existing home sales fell 4.8% to a seasonally adjusted 5.31 million-unit rate in August from a downwardly revised 5.58 million pace the previous month, the National Association of Realtors announced Monday.
The July rate was originally reported as up 2.0% to a 5.59 million pace.
The August rate represents a 6.2% increase from the same month a year ago, but was below the median 5.52 million unit pace predicted by economists polled by Thomson Reuters.
“Sales activity was down in many parts of the country last month – especially in the South and West – as the persistent summer theme of tight inventory levels likely deterred some buyers,” said NAR chief economist Lawrence Yun. “The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.”
Sales in August were lower in three of the four regions. They were flat in the Northeast, fell 1.5% in the Midwest, dropped 6.6% in the South, and declined 7.8% in the West.
The median sales price was $228,700 in August, a 4.7% increase from a year ago.
Inventory levels grew 1.3% from the previous month to 2.29 million existing homes, representing a 5.2-month supply at the current pace. Inventory was down 1.7% from the August 2014 level.
