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Investor exit leads existing home sales lower

Sep. 22, 2014 10:08 AM ETBy: Stephen Alpher, SA News Editor5 Comments
  • "There was a marked decline in all-cash sales from investors,” says the NAR's Larry Yun, as existing home sales fell 1.8% in August to a seasonally adjusted annual rate of 5.05M. July's pace was revised slightly lower to 5.14M. Sales in August also fell 5.3% from a year ago.
  • The median existing-home price of $219.8K rose 4.8% Y/Y.
  • Housing inventory fell 1.7% to 2.31M existing homes, representing a 5.5-month supply. Inventory is 4.5% higher than a year ago.
  • All-cash sales represented 23% of transactions, down from 29% in July, and the lowest share of sales since December 2009.
  • Full report

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