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.
Read more
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.
Advertisement
Top Articles
Advertisement
Advertisement
More in Category
Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness
NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs
Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year