Existing-home sales in U.S. see first decline since March

09/25/2009 | Bloomberg

The sales volume for existing homes in the U.S. took a surprising turn downward in August, dropping 2.7%, the National Association of Realtors said. Economists surveyed by Bloomberg had expected sales to reach an annual rate of 5.35 million, but the actual number came up short, with an annual rate of 5.1 million. "The improvement in the housing market is not going to be a smooth rise but a choppy, upward trend," said Zach Pandl, an economist at Nomura Securities International.

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