WASHINGTON — Exiting home sales fell 2.2% in August and were down 10.7% from the same period the previous year, the National Association of Realtors reported today.
The group reported that 4.9 million units were sold in August, compared with 5.02 million in July and 5.5 million units in August 2007.
The trade association also reported that the national median home price for existing homes was $203,100 in August, compared with $224,400 in August 2007, a decline of 9.3%.
Single-family home sales dropped 1.4% from July to August and were down 9.6% from last August. Condominium and co-op sales fell 8.2% in August and were down 19% from August 2007.
The data provided more evidence of the nation's economic woes but the government's recent infusion of capital into Fannie Mae and Freddie Mac could jump start the housing market, said Lawrence Yun, the association's chief economist.
“With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability,” he said in a statement. “However, home sales will be constrained without a freer flow of credit into the mortgage market.”
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