(Kitco News) - The gold market continues to experience some profit-taking even as activity in the U.S. housing sector remains fairly subdued, with fewer consumers purchasing existing homes, according to the latest data from the National Association of Realtors (NAR).
Total existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—fell 0.2% in August to a seasonally adjusted annual rate of 4 million, the NAR announced Thursday.
The disappointing sales figures present a mixed picture for the housing market, coming just one day after the U.S. Census Bureau and the Department of Housing and Urban Development reported a 20% increase in new home sales.
“Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory. However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months,” said Lawrence Yun, NAR Chief Economist.
Although Yun is optimistic that the U.S. housing market will begin to stabilize, home prices remain elevated and inventories remain tight.
The report noted that as of the end of August, the total supply of homes for sale was 1.53 million units, down 1.3% from July and representing a 4.6-month supply.
At the same time, the median existing-home price for all housing types rose to $422,600, up 2.0% from one year ago—the 26th consecutive month of year-over-year price increases.
