WASHINGTON — Existing home sales fell 1.8% to a seasonally adjusted 5.05 million-unit rate in August from a revised 5.14 million pace the previous month, the National Association of Realtors announced Monday.
The July figure was originally reported as a 5.15 million unit rate.
NAR chief economist Lawrence Yun said the August decline came after four consecutive months of increases. The decline is largely due to investors stepping out of the market, he said.
The August rate represents a 5.3% decrease from the same month a year ago, and was weaker than the median 5.20 million unit pace predicted by economists polled by Thompson Reuters.
Sales in August rose 4.7% from the previous month in the Northeast and 2.5% in the Midwest, but fell 4.2% in the South and 5.1% in the West.
The median sales price was $219,800 in August, a 4.8% increase from a year ago.
Inventory levels fell 1.7% from the previous month to 2.31 million existing homes, representing a 5.5-month supply at the current pace. Inventory was up 4.5% from the August 2013 level.
