Existing home sales in August dipped 10.7% from the same month last year to a seasonally adjusted annualized rate of 4.91 million units, according to the most recent figures from the National Association of Realtors. Single family home sales dipped 9.6% to a 4.35 million-unit pace.
Through the first eight months of 2008, almost 3.38 million homes have been sold, down 17.1% from the same period of 2007.
Median sales price for an existing home in August was $203,100, down 9.5% from the same month last year. At current sales rates, there is an existing inventory of 10.4 months' worth of unsold homes, up 8.3% from the same period last year.