Sales of Existing Homes Slump in August Despite Lower Mortgage Rates
Total existing-home sales dropped 2.5% from July, to a seasonally adjusted annual rate of 3.86 million in August, the National Association of Realtors® reported on Thursday. The August sales figure, which excludes new construction, represented a 4.2% drop from one year ago and the lowest number for August since 2010.
Sales of previously owned homes in the United States fell sharply in August, despite mortgage rates plummeting that month.
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