Existing-Home Sales Fall

Sales of previously owned homes eased in September, the latest indication that rising mortgage rates are causing the housing market to cool after hitting four-year highs this summer.

Existing-home sales in September slipped to a seasonally adjusted annual rate of 5.29 million, the National Association of Realtors said Monday. The 1.9% decline appears modest, but the prior month's pace was revised down sharply to 5.39 million from the previously estimated 5.48 million. Sales now held flat in August after reaching the highest level since late 2009 in July.

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