US Existing-Home Sales Fall to Seven-Month Low on Rates, Supply
- Purchases edged down 0.7% in August from prior month, NAR said
- Low inventory helped drive up median selling price to $407,100
At the current sales pace, it would take 3.3 months to sell all the properties on the market.
Photographer: Daniel Acker/Bloomberg
This article is for subscribers only.
Sales of previously owned US homes declined in August to the lowest since the start of the year, restrained by limited inventory and historically high mortgage rates.
Contract closings decreased 0.7% from a month earlier to a 4.04 million annualized pace, National Association of Realtors data showed Thursday. The median estimate in a Bloomberg survey of economists called for a pace of 4.1 million.