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Existing-Home Sales Fall as Investors Retreat
First Time Buyers are avoiding bidding wars with all cash buyers
Author: Tory Barringer 
According to transaction data from the National Association of Realtors (NAR), existing-home sales last month were at a seasonally adjustedannual rate of 5.05 million, a decrease of 1.8 percent from July's sales pace of 5.14 million and a drop of 5.3 percent compared to last year.
A consensus forecast from economists called for a slight month-over-month pickup in sales to a rate of 5.18 million.
The group's chief economist, Lawrence Yun, pinned August's slower pace to a decline in all-cash purchases made by investors. According to NAR, all-cash sales represented 23 percent of August transactions, marking the lowest share since December 2009.
"On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country," Yun said. "As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying." >> Read More MReport
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