The US housing market continued its downward slide into August, after a better than expected July, as resales of homes and condos fell 2.2% for the month. Sales fell from a seasonally-adjusted annualized rate of 5.02 million in July to 4.91 million in August. The number was below expectations, as economists estimated sales at a rate of 4.92 million. Resales of US homes have fallen 10.7% in the past year.

Regionally, resales fell 6.6% in the Northeast and 5.3% in the West. Resales rose 0.9% in the West and 0.5% in the South.

Inventories of unsold homes fell for the month, falling 7.0% to 4.26 million units for sale. That represents a 10.4-month supply, well below the 11.1-month high set in June.

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