Posted: Sep 24, 2009 8:25 AM by Associated Press
Home resales dipped last month after a four-month streak of gains, providing evidence that the housing market recovery remains fragile.
The National Association of Realtors says sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.
Lawrence Yun, the trade group's chief economist, said the drop may reflect delays in completing sales due to tough lending standards and new rules for appraisals.
The median sales price was $177,700, down 12.5 percent from $203,200 in the same month last year.