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Existing home sales fall
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September 25, 1998: 10:55 a.m. ET
Resale activity lowest since January, but NAR says sales still strong
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NEW YORK (CNNfn) - Sales of existing single-family homes last month were at their lowest levels since January 1998, but the National Association of Realtors (NAR) said resale activity remains exceptionally strong.
The seasonally adjusted annual rate of existing-home sales in August fell 3.7 percent to 4.73 million units from 4.91 million units in July.
Economists had predicted higher sales of 4.81 million units.
NAR President Layne Morrill said despite the slide in August sales, the rate is still well above 3.5 million units, the rate considered to be the economic threshold.
"The dip in numbers reflects a cautious correction in the market as consumers stopped to catch their breath in a very healthy economy," Morrill said.
The association expects home sales to continue their historically high levels throughout 1998, predicting a total of 4.7 million existing-home sales for 1998, compared to last year's record of 4.21 million sales.
The August figure was 10.5 percent above August 1997's rate of 4.28 million units.
The median price for an existing residence was $132,900 in August, up 4.2 percent from $127,500 last year.
The average fixed interest rate for a conventional 30-year mortgage was 6.92 percent, down from July's 6.95 percent. 
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