The Business Times

Sales of existing homes fall for 1st time in 5 months

Share of properties sold to investors hits 5-year low

Published Mon, Sep 22, 2014 · 04:00 PM
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[WASHINGTON] Purchases of previously owned US homes unexpectedly declined in August for the first time in five months, as investors retreated from the market.

Existing home sales dropped 1.8 per cent to a 5.05 million annual pace, from a revised 5.14 million pace in July, the National Association of Realtors (NAR) reported on Monday in Washington. The median forecast of 72 economists in a Bloomberg survey called for 5.2 million. The share of properties sold to investors was the lowest in almost five years.

Estimates in the Bloomberg survey of economists ranged from a sales pace of five million to 5.35 million. The July figure was revised from a previously reported 5.15 million.

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