August Home Sales Numbers Bring Down the Dow

Housing and Money (2)

Existing-home sales posted an unexpected 2.7% decline in August, to a 5.1 million-unit annual rate, the first reversal after four months of gains.  The Dow Jones is now down 40 points on the news and the S&P 500 is down 8 points.

Economists polled by Thomson Reuters (TRI) had expected a gain of 2.1% and an annual rate of 5.35 million, up from 5.24 million in July. The real estate group said the sales pace of existing homes, which includes single-family units, townhomes, condominiums, and co-ops, is still 3.4% above the rate of a year ago.

"The data are weaker than expected, and suggest the recovery in housing will be very slow," said Standard & Poor's Chief Economist David Wyss. 

Stocks are heading down on the news, here's a quick video recap of the story:


 

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