National Association of Realtors

US home sales off 1.7 pct., hurt by Harvey and low supply

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 said Wednesday that 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 surge — factors that limit the strong job market's benefit to the housing industry.

"Given that job growth has been steady and demand is still strong, there remains fundamental support for the housing market," said Jennifer Lee, a...

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