Washington

SALES of previously owned US homes fell more than forecast in August, representing a pause in momentum this year for residential real estate.

Closings, which usually take place a month or two after a contract is signed, declined 4.8 per cent to a 5.31 million annual rate from a revised 5.58 million pace that was the strongest since 2007, the National Association of Realtors (NAR) reported on Monday. Prices climbed and the number of homes on the market decreased from the same time a year ago.