Home sales fall off. Home sales declined 4.8% in August, the first month-to-month decline since January when they fell 4.9%. This is a nationwide stat. Sales in the West were down over 7.5%. The West is one of the regions were real estate prices have risen sharply. Some buyers may have resistance to high prices and delay their home purchase. Year-over-year sale are up over 6% nationally. Lawrence Yun, chief economist for the Natioinal Association of Realtors, thinks we are “set for the best home sales year in eight years.” Another analyst says the August lull should be short lived, citing rising employment, rising housing demand, slowing appreciation in home prices and historic low mortgage interest rates.
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