US Home Sales in August 2009 Reverse Four-Month Trend
In particular, the seasonally adjusted annual rate of US existing home sales (including single-family homes, condos and co-ops) declined by 2.7% in August 2009 (from 5.24 million units in July to 5.1 million units in August).
Single-family home sales declined more than sales of condos/co-ops as the seasonally adjusted annual rates for the two property types decreased in August 2009 by 2.8% and 1.6%, respectively. It should be noted though that (unadjusted) US home sales in August 2009 were still higher by 2.0% compared to their level 12 months ago, with single-family home sales being 1.4% higher and the condo/co-op sales 6.9% higher. Decreasing home sales were widespread in August 2009, as they declined in all US regions but the West. Midwest and South registered the worst performance as the seasonally adjusted annual rate declined on a monthly basis by 6.6% and 3.1%, respectively. The seasonally adjusted annualized home sales decreased by 2.2% in the Northeast while they posted an increase of 2.7% in the West. US home sales in August 2009 were still above their August 2008 levels in all regions but the Midwest where they remained stable. In the West though they were still 7.4% up compared to a year ago while in the Northeast and South were up 5.8% and 1.6%.
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