BEAZER HOMES USA (BZH) 4.72 -$0.17 (-3.48%) 07:08PM (15 mins delay)

Unexpected Drop in Existing Home Sales

Sep 24, 2009 - 3:54 PM EDT

Zacks.com submits:

In August, the seasonally adjusted annual rate (SAAR) of existing home sales was 5.10 million, a decline of 2.7% from the 5.24 million pace in July, and well below the 5.35 million pace expected by the consensus of economists. However, it was a 3.4% improvement from the 4.93 million pace of a year ago.

The month-over-month decline came despite mortgage rates being slightly lower in August (5.19%) than in July (5.22%). Rates are well below the 6.48% of a year ago. The median price, which is not the best measure of home prices since it can be affected by mix shifts, fell 12.5% from a year ago to $177,700.

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Source: Seeking Alpha (Sep 24, 2009 - 3:54 PM EDT)