US existing home sales hit weakest pace in over a year

Sales of previously owned homes in the United States slowed last month to their weakest pace in more than a year, as would-be buyers waited for relief on mortgage rates before purchasing.

Contract closings slipped 2 per cent to an annualised rate of 3. 98 million in August, data released on Thursday by the National Association of Realtors showed. Last month marked one of only two times since the autumn of 2024 that…