US Existing Home Sales Fall to 3.98 Million in August, Weakest Pace in Over a Year

• US existing home sales fell 2.0% in August to 3.98 million units.
• This marks the weakest annual pace in over a year, below economist expectations.
• Rising mortgage rates and high home prices are cited as key factors.

Sales of previously owned homes in the U.S. declined for the third consecutive month in August, reaching their weakest annual pace in over a year. The National Association of Realtors (NAR) reported on Thursday that existing home sales fell 2.0% from July to a seasonally adjusted annual rate of 3.98 million units. This figure was slightly below economists’ expectations of approximately 3.97 million to 4.0 million units. The continued slump, which also saw sales decrease 1.2% compared to August last year, is primarily attributed to rising mortgage rates and elevated home prices deterring potential buyers.