US home sales fall 2.7% in August
by Kay Murchie
The National Association of Realtors announced today that sales of previously owned homes in the US dipped in August following four consecutive monthly gains.
The industry body said sales fell 2.7% to an annual rate of 5.1 million in August, down from an annual rate of 5.24 million the previous month.
The figures show that the US housing market remains fragile but Paul Dales, US economist at Capital Economics, said it may just be a “temporary blip”.
Patrick Newport, an economist at IHS Global Insight, commented: “There is strength in the market and we will see stronger sales through November.”
Meanwhile, last week, the Commerce Department revealed a rise in US housing starts for the month of August.
According to the Commerce Department, construction of new US homes rose 1.5% in August to an annual rate of 598,000 properties.
The rise was the fastest since November 2008, giving hope that the world’s largest economy is emerging from recession.
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