By Jann Swanson | Mortgage News Daily
Sales of existing homes slowed for the second consecutive month in August according to data released on Thursday by the National Association of Realtors® (NAR). Sales declined by 0.9 percent to a seasonally adjusted annual rate of 5.33 million units despite mortgage rates that were near record lows. Sales in July had been reported down from June by 3.2 percent to 5.39 million and that number was revised lower in the current report to 5.38 million. Coupled with July’s decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago when the annual rate was 5.29 million units.
