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.

Read the full release here >

Click here for 15 signs the U.S. housing market is headed for a complete and total collapse >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.