Data from the NAR revealed that existing-home sales fell 1.8 percent in August as all-cash investors retreat from the market, The Washington Post reports.
The NAR argues that the retreat of cash buyers opens up an opportunity for first-time home buyers, who often lose to all-cash offers when bidding on foreclosures and other troubled properties. The median price for existing homes (single-family homes, townhomes, condominiums, and co-ops) was $219,800 in August, 4.8 percent above last year.
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