Existing home sales fell in August, with supply remaining constrained and prices accelerating further.
According to the National Association of Realtors, existing home sales dropped 2.0% to a seasonally adjusted annual rate of 5.88m units last month as sales fell in all four regions.
Home resales, which account for the majority of US home sales, were down 1.5% year-on-year, while the average cost of an existing house increased 14.9% year-on-year to $356,700.
There were 1.29m previously owned homes on the market in August, down 13.4% year-on-year and first-time buyers made up 29% of sales, the lowest since January 2019 and down from 30% in July and 33% a year ago.
