Existing home sales slip

Existing home sales declined in August, falling 1.7% to a seasonally adjusted annual rate of 5.35 million. That’s down from 5.44 million in July, according to data released Wednesday by the National Association of Realtors.

The median existing single-family home price was $255,500 in August, up 5.6% from August 2016.

"Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales," said Lawrence Yun, NAR chief economist. "What's ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it's putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale."

For the full NAR release, click here.

Yun said sales in the south were curtailed by the damage of Hurricane Harvey. “Sales will be impacted the rest of the year in Houston, as well as in the most severely affected areas in Florida from Hurricane Irma,” Yun said. “However, nearly all of the lost activity will likely show up in 2018.”