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Sales of Previously Owned U.S. Homes Fall More Than Forecast

Bloomberg business news

U.S. Existing Home Sales Unexpectedly Fall 4.8% in August

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Sales of previously owned U.S. homes fell more than forecast in August as lean inventories slowed this year’s momentum.

Closings, which usually take place a month or two after a contract is signed, declined 4.8 percent to a 5.31 million annual rate from a revised 5.58 million pace that was the strongest since 2007, the National Association of Realtors reported Monday. Prices climbed and the number of homes on the market decreased from the same time a year ago.