Sales of Existing U.S. Homes Decrease on Fewer Investors
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A decrease in investor purchases prompted an unexpected decline in sales of U.S. existing homes in August, indicating the housing rebound is not yet self-sustaining.
Purchases of previously owned houses dropped 1.8 percent to a 5.05 million annual pace from a 5.14 million rate in July, the National Association of Realtors reported today in Washington. The share of properties sold to investors was the lowest in almost five years, the group said.