Economics
U.S. Previously Owned Home Sales Ease as Prices Stay Elevated
- Contract closings decline 2% to an annualized 5.88 million
- Share of first-time buyers declines to lowest since 2019
A realtor provides a virtual video tour of a home for sale in Sacramento, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Sales of previously owned U.S. homes fell in August, suggesting that demand is moderating as lean inventory and high prices squeezed out some buyers.
Contract closings decreased 2% from the prior month to an annualized 5.88 million, in line with economists’ estimates, figures from the National Association of Realtors showed Wednesday.