US existing-home sales eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of Realtors.
Only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate.
Total existing-home sales declined 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July.
After last month's decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago (5.29 million).
NAR chief economist Lawrence Yun, says recent job growth is not yielding higher home sales.
"Healthy labour markets in most the country should be creating a sustained demand for home purchases," he said.
"However, there's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold."