Existing Home Sales Decline for First Time in Four Months

Existing homes sales fell in August for the first time in four months, the National Association of Realtors said Thursday.

Sales dropped 2.7% to an annual rate of 5.1 million homes, the second-highest level in the last 23 months, the group said in its monthly report.

Economists had forecast home resales would rise to an annual rate of 5.35 million from a 5.24 million pace in July, Bloomberg reported.

Median prices for existing homes fell to $177,700, from $203,200 a year earlier, Bloomberg said.