For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale<\/a> continues to plague the housing<\/a> market. Strained supply levels of homes are making it that sales are unable \u201cto break out,\u201d according to the National Association of REALTORS\u00ae\u2019 latest housing report, released Wednesday.<\/p>\n Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South and West, according to NAR\u2019s report.<\/p>\n Total existing-home sales\u2014which include completed transactions for single-family homes, townhomes, condos, and co-ops\u2014eased 1.7 percent in August to a seasonally adjusted annual rate of 5.35 million. Last month\u2019s sales are at the lowest levels in nearly a year.<\/p>\n Nevertheless, demand among potential buyers remains high. However, not enough homeowners are selling, says Lawrence Yun, NAR\u2019s chief economist.<\/p>\n \u201cSteady employment gains, slowly rising incomes, and lower mortgage<\/a> rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,\u201d Yun says. \u201cWhat\u2019s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it\u2019s putting on prices in several parts of the country.\u201d<\/p>\n The South saw a decline in closings last month that was largely attributed to the after-effects from Hurricane Harvey in the Houston area. Home sales likely will be impacted for the rest of the year in Houston and in the most severely affected areas in Florida after Hurricane Irma. \u201cNearly all of the lost activity will likely show up in 2018,\u201d Yun says.<\/p>\n The following are some key housing indicators from NAR\u2019s latest report:<\/p>\n Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_may\/August%20EHS%20Infographic%20%231.jpg\")
<\/p>\n\n
![\"\"](\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_may\/August%20EHS%20Infographic%20%232.jpeg\")
<\/p>\n