Existing Home Sales Fall 2.2%

Existing homes sales fell 2.2% in August, the greatest monthly decrease on record, the National Association of Realtors said Wednesday.

Sales fell to an annual rate of 4.91 million homes, from 5.02 million in July, NAR said. The median price fell 9.5% from a year ago.

Economists had forecast home resales would fall to a 4.94 million rate, Bloomberg reported.