First decrease in four months for existing home sales

Reuters reports that NAR data shows existing home sales dropped 1.8 percent to an annual rate of 5.05 million units.

September 23, 2014

Investors pulled back after a string of months propping up the market by snapping up distressed properties and converting them into rental units. However, they only accounted for 12 percent of transactions in August, the smallest share since November 2009. Originally economists had forecast a sales increase to a 5.2 million-unit pace.

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