August Existing Home Sales Miss Consensus, Unchanged From July

Existing home sales miss Econoday's consensus for a fifth month in a row, coming in at a 5.340 million annualized rate in August which is unchanged from July and compared with expectations for 5.360 million. Both single-family homes, at a 4.750 million rate, and condos at 590,000 are unchanged. Year-on-year total sales are down 1.5 percent with single-family homes down 1.0 percent and condos 4.8 percent lower.

Zeros are wild in today's report with supply on the market also unchanged, at 1.920 million. On a sales basis, supply is unchanged at 4.3 months for a third month in a row.

Sellers were offering discounts in the month with the median price down 1.7 percent to $264,000. Year-on-year, the median is up 4.7 percent which looks rich compared to the yearly decline in sales.

Regional sales data show another bad month for the West, down 5.9 percent in August, and a 7.6 percent gain for the Northeast. On the year, the West brings up the rear at minus 7.4 percent with the South in front but at only a 1.8 percent gain.

However strong the economy and stock market are, the nation's housing sector is not participating which is a negative for household wealth. New home sales for August, to be released Wednesday, will be a highlight of next week's calendar.