REUTERS/Jessica Rinaldi
Economists forecast that sales of existing condos, co-ops, and single-family homes rose by 1.1% at a seasonally adjusted annual rate of 5.54 million, according to Bloomberg.
Sales fell more than expected in July, by 3.2% at a rate of 5.39 million.
The numbers are volatile on a monthly basis, but showed that last month, sales fell for the first time since November 2015 on a year-over-year basis.
That was because of "frustratingly low inventory levels in many parts of the country," according to the NAR. According to the release, the decline wasn't because of a lack of demand for houses but rather not enough Americans putting their houses up for sale.