U.S. home resales down in August

Sales of existing U.S. homes declined in August amid ongoing tight supply. All regions contributed to the two percent drop, which brought resales for the month to an annualized rate of 5.88 million units. That was a slightly bigger decrease than the rate of 5.89 million units forecast by economists in a Reuters poll. In the single-family category, sales were down by 1.9 percent. Year over year, home resales fell by 1.5 percent.