Existing-home sales declined slightly in August after four consecutive months of growth, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops dropped 1.8 percent in August to a seasonally adjusted 5.05 million annual units.
NAR chief economist Lawrence Yun says the reduction in available cash buyers has slowed the market. "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."
Nationally, total housing inventory decreased 1.7 percent during August to 2.31 million units. The median time for homes to sell was 53 days in August, up from 48 days in July. Forty percent of August home sales were on the market for less than a month.