Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.

Consistent with most post-home buyer tax credit housing news, Existing Home Sales eased lower last month. The 5 percent drop in sales was expected, but a closer look at the month’s data reveals some interesting trends.

The press is calling the May 2010 drop in Existing Home Sales “unexpected” and disappointing, but a deeper look at the data shows the news isn’t as bad as it first appears.