Home Sales Continue Slide in August as High Prices, Mortgage Rates Deter Buyers

Existing home sales fell 0.7% in August, marking the fifth straight monthly decline.
Limited inventory has pushed median sale prices up 3.9% over the past year to $407,100.
Mortgage rates have been rising steadily, reducing homebuyers' purchasing power.
New home construction also slowed in August due to affordability challenges.
Some analysts say the housing market will remain challenged until supply increases and rates decline.