Sales of Previously Owned Homes Drop Below Forecast

Sales of previously owned U.S. homes declined more in August than forecasted. Closings declined 4.8% to an annual rate of 5.31 million. Moreover, the limited availability of homes on the market is making it difficult for people to take advantage of the low interest rates. The average 30-year fixed mortgage rate last week was 3.91%. Prices on houses have been rising because of the limited supply available properties. Nonetheless, consistent job gains and low mortgage rates are improving the housing market. 

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