Sales of Existing U.S. Homes Unexpectedly Declined in August

September 22, 2016 2:32 PM

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Sales of previously owned U.S. homes unexpectedly declined to a six-month low in August, signaling buyers are getting discouraged by a limited selection of properties that’s kept prices high, National Association of Realtors data showed Thursday.

A shortage of available properties for sale continues to hinder the market, the report showed, with inventories on a year-over-year basis falling for a 15th straight month in August. Even with the moderation in purchase activity last month, the repeat sales market is expected to grow this year amid ...

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