Total existing home sales ?EUR??,,????'??? including single-family, townhomes, condominiums and co-ops ?EUR??,,????'??? were down 4.3 percent to a seasonally adjusted annual rate of 5.5 million units in August from a level of 5.75 million in July, and are 12.8 percent below the 6.31 million-unit pace in August 2006.

Lawrence Yun, NAR senior economist, expected the decline.

?EUR??,,????'??The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through,?EUR??,,????'?? he said.

Total housing inventory rose 0.4 percent at the end of August to 4.58 million existing homes available for sale, which represents a 10-month supply at the current sales pace, up from a 9.5-month supply in July.

The national median existing home price for all housing types was $224,500 in August, up 0.2 percent from August 2006 when the median was $224,000. The median is a typical market price where half of the homes sold for more and half sold for less.

Single-family home sales fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in August from a pace of five million in July, and are 13 percent below 5.53 million-unit level in August 2006. The median existing single-family home price was $223,900 in August, which is essentially even with a year ago.

Existing condominium and co-op sales dropped eight percent to a seasonally adjusted annual rate of 690,000 units in August from 750,000 in July, and are 11.7 percent lower than the 781,000-unit pace a year ago. The median existing condo price was $228,500 in August, up 2.1 percent from August 2006.

Regionally, existing home sales in the Northeast slipped two percent in August to an annual pace of one million, and are 5.7 percent below a year ago. The median price in the Northeast was $282,300, up 3.6 percent from August 2006.

Existing home sales in the South eased by 2.7 percent to a level of 2.2 million in August, and are 12.7 percent lower than August 2006. The median existing home price in the South was $183,500, down 0.7 percent from a year ago.

Existing home sales in the Midwest fell 5.2 percent to an annual rate of 1.28 million in August, and are 10.5 percent below a year ago. The median price in the Midwest was $177,100, up 3.1 percent from August 2006.