US Existing-Home Sales Slide to Lowest Level Since October
- Contract closings dropped 2.5% in August, more than forecast
- First-time buyers’ share of purchases matched record low
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Sales of existing US homes fell in August to a 10-month low on persistent affordability challenges ahead of a recent decline in mortgage rates.
Contract closings decreased 2.5% from a month earlier to a 3.86 million annualized rate, according to figures released Thursday from the National Association of Realtors. That was weaker than the median forecast in a Bloomberg survey of economists.