August Existing Homes Sales Rise 7.6%, Barely Beat Expectations

Existing homes sales for the month of August rose 7.6%, according to the National Association of Realtors.

The puts sales at 4.13 million annualized in August, just above expectations.

Analysts projected a rise in home sales from 3.83 million annualized in July, to 4.10 million annualized in August.

In July, existing home sales fell a massive 27.2%.

The market is clearly still adjusting to the end of the tax credit program.

From the National Association of Realtors:

Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 per cent to a seasonally adjusted annual rate of 4.13 million in August from an upwardly revised 3.84 million in July, but remain 19.0 per cent below the 5.10 million-unit pace in August 2009.

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