US Existing Home Sales Dip 2% in August, Prices Rise 1.6% YoY

US existing home sales fell 2% month-over-month in August to 3.98 million annualized, slightly better than the 2.2% decline expected. Prices rose 1.6% year-over-year to $429,100, while supply increased to 4.9 months. The data suggests a cooling housing market with persistent price pressures, reflecting the ongoing impact of elevated mortgage rates.