WASHINGTON (AP) – U.S. home sales fell 1.7 percent in August, pulled down by the effects of Hurricane Harvey and a worsening shortage of available properties.
The National Association of Realtors said Wednesday that sales of existing homes sank last month to a seasonally adjusted annual rate of 5.35 million. Would-be homebuyers are being limited by a decline in the number of sales listings. The shortage has become a drag on sales and has caused prices to climb sharply.
Over the past 12 months, sales have risen only 0.2 percent. Houston-area home sales have plunged 25 percent over the past year largely because of the damage from Harvey – a decrease that could linger through 2018, the Realtors said.
The median sales price has increased 5.6 percent from a year ago to $253,500.
Sales listings have tumbled 6.5 percent over the past 12 months to 1.88 million. The supply of homes for sale should continue to decline through February because the winter and fall are generally slower for home sales.