Sales of existing homes fell by 2.7% in August, but were 3.4% higher than in August 2008, the National Association of Realtors reported today.
The seasonally adjusted annual rate was 5.1 million units, compared with 5.24 million units in July and 4.93 million units in August 2008.
"Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions," NAR Chief Economist Lawrence Yun said in a statement.
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The median price for an existing home was $177,700, down 12.5% from August 2008.
The average rate for 30-year fixed-rate mortgage was 5.19%, compared with 5.22% in July and 6.48% in August 2009.
In August, month-to-month existing home sales were down in all four regions: Northeast, 2.2%, Midwest, 6.6%, South, 3.1%, and West, 2.7%.
Year-over-year existing home sales increased in the Northeast, South and West by 5.8%, 1.6% and 7.4%, respectively. They were unchanged in the Midwest.
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