US Aug existing home sales

US existing home sales fell by 0.5 pct to 6.3 mln units in August from the previous month, the National Association of Realtors said Monday. That's the lowest level since January 2004. Economists had expected existing home sales to fall to 6.102 mln units from July's original estimate of 6.33 mln units. The inventory of unsold homes in August rose to a record high of 3.92 mln units. At the current sales pace, it would take 7.5 months for those homes to be sold. That is the longest period to exhaust the supply of homes since April 1993. Existing home sales, have dropped in August by 0.5% to a 6.30 million annual from 6.33 million rate registered the previous month.The average price fell as well from $230.000 in July to $ 225.000 in August, this is the first year- year decrease in home prices since April 1995. There has been an inventory of 7.5 months supply from 7.3 months supply, which weighed on prices.Existing home sales are recorded at close, therefore, these sales are a response to mortgage rates a couple of months ago, ever since, they decreased.