The National Association of Realtors has released the existing home sales results for August.

Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity, according to the National Association of Realtors^®. Sales rose in the Midwest and South but fell in the Northeast and West…The national median existing-home price2 for all housing types was $203,100 in August, down 9.5 percent from a year ago when the median was $224,400.

The red chart shows that existing home sales have been about flat on a seasonally adjusted basis for most of 2008. The more important chart in our view is the green months of supply which appears to have peaked at least temporarily. A good sign. Thanks to Calculated Risk for the charts.