US home sales fell in August despite easing mortgage rates

LOS ANGELES, California: U.S. home sales fell in August to the slowest annual pace in nearly a year, even as mortgage rates eased and more homes became available.

The National Association of Realtors (NAR) reported a 2.5 percent drop in existing home sales from July, bringing the seasonally adjusted annual rate to 3.86 million. This marked a 4.2 percent decline compared to August 2022.

The national media