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Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.

That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.

This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.

"Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months," said Lawrence Yun, NAR's chief economist. "The home-buying process, from the initial search to getting the house keys, typically takes several months."

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