Sales of existing homes fell by 2.7% in August, but were 3.4% higher than in August 2008, the National Association of Realtors reported today.
The seasonally adjusted annual rate was 5.1 million units, compared with 5.24 million units in July and 4.93 million units in August 2008.
"Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions," NAR Chief Economist Lawrence Yun said in a statement.
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