NEWS
09/21/2015 10:08 EDT | Updated 09/21/2016 01:12 EDT

US home sales slide 4.8 per cent in August as higher prices, limited supply discourage buyers

WASHINGTON — U.S. home sales slid in August by the most since January as tight supplies and rising prices discouraged potential buyers.

The National Association of Realtors says sales of existing homes fell 4.8 per cent from the previous month to a seasonally adjusted annual rate of 5.31 million, the lowest level since April. That's down from 5.58 million in July, the highest in more than eight years.

Solid job growth and low mortgage rates have boosted sales 6.2 per cent in the past year. But the median home price has increased 4.7 per cent during that time, must faster than incomes, which have risen at a 2.2 per cent rate.

Christopher S. Rugaber, The Associated Press