U.S. home resales unexpectedly fell in August, crimped by a shortage of inventory that is boosting home prices faster than the pace of wage growth.
The National Association of Realtors said on Thursday existing home sales declined 0.9 percent to an annual rate of 5.33 million units.
Economists polled by Reuters had forecast sales rising 1.1 percent in August to a 5.45 million-unit pace.
— Reuters
July's sales pace was also revised lower to 5.38 million units from the previously reported 5.39 million units. However, despite sales being at their second-lowest pace of the year, home resales were still up 0.8 percent from one year ago.
For more on the current state of the housing market in the States, follow these links:
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