US: Existing-Home Sales subside 1.7% in August

"Existing-home sales stumbled in August for the fourth time in five months as strained supply levels continue to subdue overall activity," the National Association of Realtors announced on Wednesday.

Key highlights:

• Last month's sales pace is 0.2 percent above last August, and is the lowest since then.
• Lawrence Yun, NAR chief economist: Slump in existing sales stretched into August despite what remains a solid level of demand for buying a home
• Lawrence Yun, NAR chief economist: Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales
• Lawrence Yun, NAR chief economist: Sales have been unable to break out because there are simply not enough homes for sale.