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Sales Of U.S. Existing Homes Fall 0.9% To 5.33 Million Rate In August

Editor's Note:Updating earlier story with comment from economist.

(Kitco News) - Sales of previously owned U.S. homes fell by 0.9% in August to a seasonally adjusted and annualized pace of 5.33 million, according to a report Thursday from the National Association of Realtors.

Consensus expectations compiled by various news organizations called for sales to be around 5.44 million to 5.5 million.

“After taking a step back in July, U.S. existing home sales surprisingly took another one in August,” said Andrew Grantham of CIBC World Economics.

Expectations had been for a rise, Grantham continued.

“However, the number was broadly in line with our forecast and the latest reading for pending home sales suggests that there won't be another deceleration in the near term,” he said. “Months' supply, at 4.6, remains range-bound. After appearing to break out to the high side in June, existing home sales are now back within the broad range that has prevailed since early 2015.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

 

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