Early Read on Existing Home Sales in August

From housing economist Tom Lawler: Based on publicly-released realtor/MLS reports from across the country released through today, I project that US existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of about 5.54 million, down 0.9% from July's preliminary pace (which I believe should be revised upward; see below), but up 10.8% from last July's seasonally adjusted pace. Local realtor/MLS reports also suggest that the NAR's estimate of the inventory of existing home sales at the end of August should be down about 0.9% from July, and ......(read more)

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