Residential home sales leveled off in August after plunging 30% in July, according to the RE/MAX National Housing Report.
The Denver-based realty company, which tracks activity in 54 metropolitan markets, reported that home sales edged down 0.5% in August from the prior month.
"The summer's market is still recovering from buyers who bought earlier to take advantage of the tax credit," said RE/MAX chief executive Margaret Kelly.
"It may take a couple of months to regain its footing, but we are expecting an increase in sales for September as the final deadline for the tax credit nears," Kelly said
RE/MAX issued its monthly report about a week before the National Association of Realtors (NAR) releases its monthly sales figures. Last month, RE/MAX reported sales fell 30% to 104,300 units in July from 148,400 in June.
NAR reported sales of previously owned homes fell 27% to a seasonally adjusted annual rate of 3.37 million in July from a 4.62 million rate in June.
NAR will release its August sales report on Thursday morning, Sept. 25.