Sales of previously owned homes fell 2 percent in August from the month before, according to new numbers from the National Association of Realtors. Sales were mostly unchanged in the West but fell in the Northeast, Midwest, and South. Despite the sales dip, though, Lawrence Yun, NAR’s chief economist, says there’s good news in the numbers. “Home prices are rising, and existing home sales are actually up 1.6 percent year-to-date through the first eight months of the year,” Yun said. “Home buying demand, despite higher interest rates, is no doubt being supported by rising wages, which grew 3.1 percent in August, along with 643,000 net new jobs added since the start of the year.” Additionally, the inventory of available homes for sale has reached its highest level in 10 years, which provides buyers with more choices and negotiating power. (source)
