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.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.