Existing-home sales decline as buyers hold out for better prices, more options

Existing-home sales decline as buyers hold out for better prices, more options
·3 min read

The numbers: Existing-home sales retreated in August, as inventory and price remained major concerns for prospective buyers. Existing-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. “Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report.

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