Home sales slide.
Sales of previously owned U.S. homes unexpectedly slumped for a fourth month to the weakest in more than two years, signaling higher prices and tight supplies continue to squeeze demand, a National Association of Realtors report showed Wednesday.
Contract closings fell 0.7% m/m to a 5.34m annual rate (est. 5.4m), the slowest pace since Feb. 2016, after unrevised 5.38m Median sales price increased 4.5% y/y to $269,600 Inventory of available properties unchanged y/y at 1.92m. The report adds to other recent signs of cooling in real estate markets. Prospective home buyers are increasingly discouraged by rising borrowing costs and property-price increases that are outpacing wage growth. The share of Americans who say it's a good time to buy a home fell in August to 63 percent, the smallest since 2008, the University of Michigan consumer sentiment survey showed on Friday.
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