US home sales slide 4.8 percent in August as higher prices, limited supply discourage buyers

WASHINGTON – U.S. home sales slid in August by the most since January as tight supplies and rising prices discouraged potential buyers.

The National Association of Realtors says sales of existing homes fell 4.8 percent from the previous month to a seasonally adjusted annual rate of 5.31 million, the lowest level since April. That's down from 5.58 million in July, the highest in more than eight years.

Solid job growth and low mortgage rates have boosted sales 6.2 percent in the past year. But the median home price has increased 4.7 percent during that time, must faster than incomes, which have risen at a 2.2 percent rate.