6-Month Streak in Rising Revenues For Brokers Ends

The money generated from sales of existing homes fell from July to August, ending a 6-month

streak of rising revenues from broker-tracked sales.

Last month sales of O.C. homes listed in the MLS totaled $1.3 billion, down 10.6% from July. Last month’s dollars were down 8.1% from a year ago. The year-to-year decline in revenues was due to both to decreased sales and falling prices.

The total volume last month was half the total generated in August 2005- right before the housing slump began. So far O.C. home sales have generated $8.6 billion this year.

Last month distressed homes sales represented 41.7% of the 2,379 homes sold.