Having dropped 4.6 percent since the end of the first quarter, the seasonally adjusted pace of existing-home sales across the U.S. held at an annual rate of 5.34 million sales in August, which is 1.5 percent lower versus the same time last year and the sixth year-over-year decline in as many months.

At the same time, the inventory of existing homes on the market held at 1.92 million homes which is 2.7 percent higher versus the same time last year, versus 12 percent higher in San Francisco, while the median price of the homes that traded hands last month dropped 1.7 percent but remains 4.6 percent higher versus the same time last year.

And out West, the pace of existing-home sales dropped 5.9 percent to an annual rate of 1.12 million sales in August, which is 7.4 percent below its mark at the same time last year, and the median sale price slipped 0.2 percent to $392,900 but remains 4.8 percent higher on a year-over-year basis versus 10.2 percent higher in June.

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