Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year, despite easing mortgage rates and an increase in the supply of properties. Existing home sales dropped 2.5% from July to an annual rate of 3.86 million, marking a 4.2% decline from August 2022. Home prices, however, continued to rise for the 14th consecutive month, with the national median sales price hitting $416,700. The lower mortgage rates and rising inventory are expected to create a favorable environment for future home sales, according to Lawrence Yun, NAR's chief economist. In other news, nearly 138,000 platform beds from CVB Inc. are being recalled due to risks of collapse and injury. Additionally, Georgetown, Texas, saw a 6% decline in median home sales prices year-over-year in August.