Dennis Norman
By: Dennis Norman
According to the latest report released today from the National Association of REALTORS(R), existing home sales for August in the Midwest dropped 6.6 percent to a seasonally adjusted rate of 1.14 million units down from a level of 1.22 million units in July. The August home sales rate of 1.14 million happens to be exactly what it was this time last year for the Midwest which is not as well as the US is doing as a whole. As a whole, the rate of existing home sales in August was up 3.4 percent from a year ago with the West region being the biggest gainer, up 7.4 percent.
Median home prices in the US fell 2 percent in August from July and, here in the Midwest, we saw median home prices fall almost double that, 3.8 percent, from $155,900 in July to $149,900 in August, which represents a decline in price of 10.5 percent from a year ago. Overall home prices in the US were down 12.5 percent from a year ago. Continue reading “Existing home sales in Midwest drop 6.6 percent from July to August; St Louis down 9 percent“
