LOS ANGELES — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even asExisting home sales fell 2.5% last month, from July, to a seasonally adjusted annual rate of 3.86 million, the National Association of Realtors said Thursday.
Home prices increased on an annual basis for the 14th consecutive month. The national median sales price rose 3.1% from a year earlier to $416,700. Home shoppers had a larger selection of homes to chose from last month. All told, there were about 1.35 million unsold homes at the end of August, up 0.7% from July and 22.7% from August last year, NAR said.
Mortgage rates have been mostly easing since July, with the average rate on a 30-year home loan falling last week to 6.2%, the lowest level since February 2023.Defending champion Italy will take on Argentina in the first round of the Davis Cup Finals in November. Italy, Spain, Canada and the U.S. were the seeded nations after winning their groups last week, when the qualifying competition was played in four different cities.