Sales of existing homestook an unexpected and rare jump in August, rising 7.7 percent from July.
Realtors say it's the result of delayed sales from the spring market, which they previously characterized as disappointing.
The results were unexpected because the usual indicators no longer apply.
Mortgage applications have been falling steadily, down again over four percent this week, even though interest rates are hovering near record lows. But mortgage volume doesn't tell us much because fewer buyers are using mortgages. 29 percent of home sales in August were all-cash purchases, largely by investors who returned to the market after a brief respite. 22 percent of buyers were investors, up from 18 percent in July.