Industry figures show that US existing home sales fell by a steeper than expected 2.2% in August.
The National Association of Realtors (NAR) said sales of existing homes and apartments fell to a seasonally adjusted annual pace of 4.91 million units. The number underperformed market expectations for 4.93 million units.
NAR said the decline in existing-home sales followed a healthy gain in July as 'tight mortgage credit curtailed activity'. The group said it had become more difficult for people to obtain a mortgage over the past couple of months.
On a 12-month basis, August existing home sales fell 10.7%.
