Existing U.S. home sales fall in August

Sales of existing homes fell in August and prices that have been soaring eased, the latest sign the housing market is cooling as intense competition keeps potential buyers on alert.
“Existing homes sales fell 2 per cent last month from July to an annual rate of 5.88 million units”, the National Association of Realtors said Wednesday.
That’s slightly more than the 5.87 million economists expected. Sales fell 1.5 per cent from August last year.
As of last month sales were running 16 per cent higher than in the same stretch of 2020, before a surge in sales as the market bounced back from a slowdown in the initial months of the pandemic.
Home prices continued to climb last month, though at a less pace. The median home price rose to $356,700, an increase of 14.9 per cent from August 2020.
That annual gain was more modest than the 20 per cent-25 per cent yearly increases seen earlier in 2021.