Existing US home sales fell in August, price growth slows

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.