CFAH

The seasonally adjusted pace of existing-home sales in the U.S. unexpectedly dropped 4.8 percent from July to August but the current annual rate of 5.31 million sales remains 6.2 percent above the pace at the same time last year.

The median existing-home sale price also dropped in August to $228,700, down 2.3 percent from July and 3.3 percent below the record $236,400 set in June. At the same time, the median price remains 4.7 percent higher versus the same time last year.

In terms of inventory, the number of unsold homes on the market across the country increased 1.3 percent to 2.29 million homes at the end of August, which is roughly 1.7 percent lower than at the same time last year.

The pace of existing-home sales in the West fell 7.8 percent to an annual rate of 1.19 million sales in August but remains 7.2 percent higher than at the same time last year.

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