Homes sales, inventory declining

Cause for hope, perhaps? The Wall Street Journal reports the backlog of unsold homes is shrinking, even as sales of previously owned homes declined in August. The National Association of Realtors reports sales of existing homes fell 2.2 percent, while the inventory of unsold homes fell to a 10.4-month supply last month from a 10.9 month supply in July, according to the paper. The median home price in August fell 9.5 percent from the same period a year ago to $203,100.