IRVINE, CA—Auction.com projects that existing home sales for the month of August will show the strongest year-over-year gain in nearly two years.
In its just-released its Auction.com Real Estate Nowcast, the firm predicts that August numbers will fall between seasonally adjusted annual rates of 5.46 and 5.86 million annual sales, with a targeted number of 5.64 million – up 1% from July and 12.9% from a year ago, the
“We may be looking at the beginning of a shift in existing home sales activity,” said Auction.com executive vice president Rick Sharga. “The volume of sales, while continuing to increase, appears to be slowing down. And home prices, which have consistently appreciated over the past few years, may finally be leveling off.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
