Sept. 22 (Bloomberg) — Purchases of previously owned U.S. homes unexpectedly declined in August for the first time in five months as investors retreated from the market.

Existing home sales dropped 1.8 percent to a 5.05 million annual pace, from a revised 5.14 million pace in July, the National Association of Realtors reported today in Washington. The median forecast of 72 economists in a Bloomberg survey called for 5.2 million. The share of properties sold to investors was the lowest in almost five years.


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