NAR’s Chief Economist Lawrence Yun, noting the decline may be the result of prices rising beyond the reach of home buyers, said sales fell most in the South and West, areas which both had posted recent price gains.
Meanwhile, the median home price nationally dropped in August to $228,700, which is still 4.7 percent over one year ago.
The up and down housing recovery may be partly responsible for the Federal Reserve’s reluctance to raise interest rates, fearing it might stall future growth. Home sales and construction remain well below the pre-recession levels. ##
9Image credit: viewpoint.ca)
