US home sales fall again in August
There were further signs today that the slowdown in the US housing market is continuing as existing home sales fell 0.5% to 6.3m in August from a month earlier, the lowest level since January 2004.
Although last month's figure is only down from the 6.33m revised number for July, sales are 12.6% lower than the same period in 2005, according to the National Association of Realtors.
It was the fifth month of falls in succession, although today's data was better than expectations for a decrease in August to 6.20m.
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Meanwhile, the number of unsold homes in August rose to a record high of 3.92m units, up 37% on last year's equivalent.
In addition, the median year-on-year sale price fell 1.7% to $225,000 from last year's $229,000, while the average price was 1.5% lower than this time in 2005 at $271,000.
