• Font Size    
E-mail

Close Window E-mail This Page

Home Sales Drop 2.2 Percent In August

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
Sep 24, 2008 7:12 am US/Pacific

Home Sales Drop 2.2 Percent In August

 CBS News Interactive: Eye On The Economy

WASHINGTON (AP) ― A trade group for real estate agents says sales of existing homes fell by 2.2 percent in August, but the number of unsold homes on the market also dropped sharply from the previous month's record high.

The National Association of Realtors says sales fell to a seasonally adjusted annual rate of 4.91 million units, from an upwardly revised pace of 5.02 million in July. Sales had been expected to fall by 1.6 percent, according to economists surveyed by Thomson/IFR.

There were 4.2 million unsold homes on the market, a 7 percent drop from the record set in July. It was the steepest drop in inventory since December 2006.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

© MMIX, CBS Broadcasting Inc. All Rights Reserved.