| Existing Home Sales and Inventories Down in August |
| Written by Jonathan Smoke | |
| 09.24.2008 | |
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Discuss this article on the forums. (0 posts) The National Association of Realtors reported the preliminary readings on August existing home sales today. According to NAR, existing home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity.  Total existing home sales declined 2.2% to a seasonally adjusted annual rate of 4.91 million units in August from an upwardly revised pace of 5.02 million in July. The majority of the decline was in condo sales as condos declined 8.2%, while sales of single family homes declined only 1.4%.Despite the slightly slower pace of sales, inventory levels declined to 10.4 months of supply in total or 10.0 months of supply in single family homes only. This is the lowest level of supply of existing homes since March. The August numbers were still off significantly from a year ago. Total existing home sales were down 10.7% year-over-year, while single family homes and condos were down 9.6% and 19%, respectively. As the big declines first started registering in September of last year, the year-over-year comparisons will start sounding less severe starting next month. 
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