Report on August housing market
The National Association of REALTORS® reports that August home sales were off slightly, but still remain at record levels.
The report states "Existing-home sales declined 2.7 percent in August to a seasonally adjusted annual rate of 6.54 million units from a level of 6.72 million units in July. Last month's sales activity was 2.3 percent above the 6.39-million unit pace in August 2003."
It is our opinion that the national market closely mirrors what is happening in the Los Angeles market as well. Historically, fewer homes are on the market in August than in July. Also, buyers who are trying to move before the school year starts would ideally purchase in rather than in August.
To read the entire press release, go here.