US home sales weaken to slowest pace in more than a year as mortgage rates, home prices climb

Sales of previously occupied U.S. homes declined in August to their slowest annual pace in more than a year. The drop follows persistent challenges for home shoppers grappling with climbing mortgage rates and elevated home prices.

Specifically, existing home sales fell by 2% last month compared to July. This decrease brought the seasonally adjusted annual rate down to 3.98 million.