U.S. home sales fell 1.7 percent in August, pulled down by the effects of Hurricane Harvey and a worsening shortage of available properties.
The National Association of Realtors says sales of existing homes sank last month to a seasonally adjusted annual rate of 5.35 million. Would-be homebuyers are being limited by a decline in the number of sales listings. The shortage has become a drag on sales and has caused prices to climb sharply.
Over the past 12 months, sales have risen only 0.2 percent. Houston-area home sales have plunged 25 percent over the past year largely because of the damage from Harvey — a decrease that could linger through 2018, realtors said.
The median sales price has increased 5.6 percent from a year ago to $253,500.
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August Home Sales Hurt by Harvey, Supply
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