US previously-owned home sales ease as prices stay elevated

“Clearly the home sales are settling down but above pre-pandemic conditions,” Lawrence Yun, NAR’s chief economist, said on a call with reporters.

SALES of previously-owned homes in the United States fell in August, suggesting that demand is moderating as lean inventory and high prices squeezed out some buyers.

Contract closings decreased 2% from the prior month to an annualized 5.88 million, in line with economists’ estimates, figures from the National Association of Realtors (NAR) showed on Wednesday.