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NAR: Existing-home sales fell 0.9% in August

Totalexisting-home sales in the U.S. declined for the second month in a row inAugust, falling 0.9% month over month to a seasonally adjusted, annualized rateof 5.33 million, compared to 5.38 million in July, the National Association ofRealtors said.

Onlythe Northeast region registered a monthly rise in closings in August.

Afterthe decline registered in July, sales are at their second-lowestpace so far in 2016 but are still slightly higher than a year ago, by 0.8%.

NARChief Economist Lawrence Yun said in a release that recent job growth is nottranslating into higher home sales. "Hopes of a meaningful salesbreakthrough as a result of this summer's historically low mortgage ratesfailed to materialize because supply and affordability restrictions continue tokeep too many would-be buyers on the sidelines," he said.

Themedian price for existing homes of all types in August was $240,200, a 5.1%increase from August 2015. Total housing inventory at the end of the month fell3.3% month over month to 2.04 million homes for sale and is now 10.1% lowerthan a year ago and has fallen year over year for 15 months in a row.