WASHINGTON (AP) - A trade group for real estate agents says sales of existing homes fell by 2.2 percent in August, but the number of unsold homes on the market also dropped sharply from the previous month's record high.
The National Association of Realtors says sales fell to a seasonally adjusted annual rate of 4.91 million units, from an upwardly revised pace of 5.02 million in July. Sales had been expected to fall by 1.6 percent, according to economists surveyed by Thomson/IFR.
There were 4.2 million unsold homes on the market, a 7 percent drop from the record set in July. It was the steepest drop in inventory since December 2006.
(Copyright 2008 by The Associated Press. All Rights Reserved.)