Existing home sales fell to a seasonally adjusted annual rate of 5.05 million in August, these are numbers from completed transactions of single-family homes, condos and co-ops, and town homes.
Sales are at the second-highest pace of 2014, but remain just over 5% below the 5.33 million level from last August.
Cash sales were 23% of transactions in August and they dropped for the second straight month. It seems that everyone that was paying with cash has already bought! Click the source link below to read the whole article.
Lawrence Yun, NAR chief economist, says sales activity remains stronger than earlier in the year, but fell last month as investors stepped away.
"There was a marked decline in all-cash sales from investors,” he said. "On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”
Yun adds, "As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”