NEW YORK - Housing markets continued to slump across the nation in August as the number of existing homes sold dropped for the sixth straight month to their lowest level in 5 years, according to the latest report from the National Association of Realtors. Sales fell 4.3 %t from July to a seasonally adjusted annualized rate of 5.50 million. Sales have fallen 12.8 % since last August's pace of 6.31 million homes. The slump pushed up the inventory glut to 4.58 million existing homes, an all-time high. There is now a 10-month supply of homes on the market at the present rate of sales. Some positive news from NAR was that prices broke a 12-month decline. The national median existing-home price for all housing types rose 0.2 percent to $224,500 in August from a year ago, when the median was $224,000.
By Les Christie
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