U.S. home resales fell more than expected in August, a cautionary sign for the U.S. housing market which has recently looked on stronger footing.
The National Association of Realtors said on Monday existing home sales dropped 4.8% to an annual rate of 5.31 million units.
Economists had forecast a 5.51-million-unit pace of home sales last month. Sales were up 6.2% from a year ago.
The decline in August might be due to rising prices shutting out potential buyers, said an NAR economist. Home sales fell most in America's South and West, areas which had recently seen the fastest price gains, he said.
Nationwide, the median home price fell slightly in August to $228,700 U.S.. That was still up 4.7% from a year earlier, but left the year-over-year rate at its lowest since August 2014. Prices in the West were up 7.1% from a year earlier.
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