For the first time in 11 years, prices of existing homes fell in August and the backlog of available homes for sale reached its highest point since the National Association of Realtors® began tracking those statistics.
Sales of existing homes in August were 12.6% lower than the year before.
Predictably, David Lareah, NAR’s chief cheerleader said “home sales appear to be leveling out after a sharp drop in July” and “after a stronger-than-expected drop in July, the fairly even sales numbers in August tell us the market is at a more sustainable pace”.
So . . . . -12.6% is “leveling out”?
Fairly even with what?
The decline follows weak data on new housing starts and building permits in August.
Existing home sales comprise about 85% of the housing market, and they have fallen every month since March.
Yep, we’re leveling out and I am relieved to know that everything’s okay.
(Want a good laugh? Check out “The David Lareah Watch” in the Just For Fun area of this blog)