Sales of new single-family houses fell 2.3 percent in August from July, the Census Bureau and Department of Housing and Urban Development just reported. The annualized rate: 295,000 sales.
The report underscores the weakness of the housing market, The Associated Press says. Sales have now fallen four straight months and are at a six-month low. Economists, according to the AP, say the pace needs to be about 700,000 “to sustain a healthy housing market.”
One glimmer of good news: sales were up 6.1 percent from a year earlier, the agencies added.