US home sales slowest in more than a year as mortgage rates and prices climb

Housing market has been stymied by borrowing costs, as Iran war pushed mortgage rates higher

Sales of previously occupied US homes declined in August to their slowest annual pace in more than a year as home shoppers grappled with rising mortgage rates and home prices.

Existing home sales fell 2% last month from July to a seasonally adjusted annual rate of 3.98m units, the National Association of Realtors said on Thursday. This is the third straight monthly decline.