Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of Realtors. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop. On a year-over-year basis, however, sales fell in all regions.
Existing-home sales decreased to a seasonally adjusted annual rate of 4.80 million. Sales tailed off 0.4% from July and 19.9% from the previous year.
The median existing-home sales price rose 7.7% from one year ago to $389,500.
After five successive monthly increases, the inventory of unsold existing homes dwindled to 1.28 million by the end of August, or the equivalent of 3.2 months at the current monthly sales pace.
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