Having slipped 1.3 percent in July, the pace of existing-home sales in the U.S. dropped another 1.7 percent in August to a seasonally adjusted annual rate of 5.35 million transactions which is a nominal 0.2 percent higher on a year-over-year basis and the fourth monthly decline in the pace over the past five months.

At the same time, the median price of the homes that traded hands in August slipped another 1.9 percent to $253,500 but remains 5.6 percent higher than at the same time last year, down from 6.2 percent higher in July, as the inventory of existing homes on the market dropped 2.1 percent to 1.88 million and is running 6.5 percent lower on a year-over-year basis versus 9.0 percent lower the month before.

Out West, the pace of existing-home sales fell 4.8 percent in August to an annual rate of 1.20 million sales, which is now 0.8 percent higher versus the same time last year, while the median price inched up 0.4 percent to $374,700 which is 7.7 higher, year-over-year.

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