Steel Markets
September 21, 2016
Existing Home Sales Soften in August
Written by Sandy Williams
Existing home sales declined for the second month in a row, falling 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August. The National Association of Realtors suggests higher home prices and tight inventory kept buyers at bay last month, despite low mortgage rates.
“Healthy labor markets in most the country should be creating a sustained demand for home purchases,” said Lawrence Yun, NAR chief economist. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”
