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Existing US Home Sales Fell In August, Price Growth Slowed

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(Melissa Phillip/Houston Chronicle via AP)

(AP) – Sales of previously occupied U.S. homes fell in August and the pace of price growth eased, the latest sign the housing market is cooling as intense competition leave many would-be buyers on the sidelines. The National Association of Realtors said Wednesday that existing homes sales fell 2% last month from July to a seasonally-adjusted annual rate of 5.88 million units. Sales fell 1.5% from August last year. Home prices continued to climb, though at a less torrid pace. The median home price rose to $356,700, an increase of 14.9% from August 2020. At the end of August, the inventory of unsold homes stood at 1.29 million homes for sale, down 1.5% from July and down 32% from a year ago.

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