Sales of previously owned homes were flat in August from one month earlier, according to the National Association of Realtors. Nationally, sales were down 0.2 percent month-over-month, with increases in the Midwest and West but decreases in the Northeast and South. Lawrence Yun, NAR’s chief economist, says sluggish sales may soon ramp up. “Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory,” Yun said. “However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.” There is currently a 4.6-month supply of unsold homes for sale, which is up from a 4.2-month supply last year at this time. Also in the report, the NAR found the median price for existing homes sold in August was $422,600, 2 percent above last year when the median price was $414,200. (source)
