SALES of previously-owned homes in the United States fell in August, suggesting that demand is moderating as lean inventory and high prices squeezed out some buyers. The decline suggests that a limited number of for-sale properties and surging prices are constraining demand even as financing costs remain historically low. The share of first-time buyers declined last month to 29%, the lowest since 2019 as high asking prices limited affordability. There were 1.29 million homes for sale last month, down 13.4% from a year ago. Sales of previously-owned single-family homes decreased 1.9% last month to a 5.19 million pace.

Source: The Star September 25, 2021 02:38 UTC