US Home Sales Hit 14-Month Low
U.S. existing home sales fell two percent in August to a seasonally adjusted annual rate of 3.98 million units. Rising mortgage rates and higher inventory shaped the market.
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United States existing home sales fell 2.0% to a seasonally adjusted annual rate of 3.98 million units in August, hitting a 14-month low. The decline matched economist forecasts as elevated borrowing costs continued to sideline prospective buyers across the country. High mortgage rates and rising inventory are reshaping market dynamics as the autumn buying season begins.
