The inventory situation is “worsening,” Realtor group says.
by Andrea Riquier
Sales of previously owned homes fell for a second month in August as inventory of homes for sale continued to shrink.
Existing-home sales declined 0.9% to a seasonally adjusted annual rate of 5.33 million, the National Association of Realtors said Thursday. That was only 0.8% higher than a year ago, although year to date figures are 3% higher.
Economists surveyed by MarketWatch had forecast a 5.48 million pace.
[…] The only region to see a gain in August was the Northeast.
At the current pace of sales, it would take 4.6 days to exhaust all inventory, lower than the six months that’s traditionally been the marker of a balanced market. Inventory was lower compared to a year ago for the 15th straight month in August.