Sales of US existing homes fell in August for the first time in three months as the ongoing supply shortage and high prices kept buyers away from the market.
Sales dropped two percent last month to an annual rate of 5.88 million, seasonally adjusted, the National Association of Realtors reported, which was slightly higher than analysts forecast.
The decline in in August followed two months of increases and came as prices continued to rise and the supply of homes on the market continued to dwindle. Inventory as of the end of August was at 1.29 million units, 1.5 percent less than in July and 13.4 percent lower than a year ago. That equated to a 2.6-month supply at the current sales pace, unchanged from the prior month.
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