U.S existing-home sales remained steady in August after four straight months of decline

Existing-home sales remained steady in August after four straight months of decline, according to the National Association of Realtors. Sales gains in the Northeast and Midwest canceled out downturns in the South and West. Total existing-home, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017). Lawrence Yun, NAR chief economist, says the decline in existing home sales appears to have hit a plateau with robust regional sales. "Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum," he said. "With inventory stabilizing and modestly rising, buyers appear ready to step back into the market. The median existing-home price2 for all housing types in August was $264,800, up 4.6 percent from August 2017 ($253,100). August's price increase marks the 78th straight month of year-over-year gains".