U.S. existing-home sales fell for the first time in five months in August, a sign the housing market hit a soft patch.
Sales of previously owned homes fell 1.8% in August from July to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors said Monday, less than, 5.2 million that had been expected. Compared with a year earlier, sales declined 5.3%.
In addition, sales in July were revised downwards to 5.14 million from the initially reported 5.15 million.
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