U.S. Existing-Home Sales Unexpectedly Fall to Two-Year Low

Sales of previously owned U.S. homes unexpectedly dropped for a fourth month to the weakest in more than two years, signaling higher prices and tight supplies continue to squeeze demand, a National Association of Realtors report showed Wednesday.

The report adds to other recent signs of cooling in real estate markets. Prospective home buyers are increasingly discouraged by rising borrowing costs and property-price increases that are outpacing wage growth. The share of Americans who say it’s a good time to buy a home fell in August to 63 percent, the smallest since 2008, the University of Michigan consumer sentiment survey showed on Friday.