U.S. Existing Home Sales Retreat 1.8% in August

In August, existing home sales declined by 1.8% to a 5.05 million annual pace, marking the first drop in five months. July's figures were revised to 5.14 million, a 10-month high. The National Association of Realtors attributes the decline to investors retreating due to potential interest rate hikes by the Federal Reserve. Despite the sales drop, the median home price rose by 4.8% compared to last year. The stock market showed slight fluctuations but remained relatively stable.

What percentage did existing home sales drop in August?

What factors are contributing to the decline in existing home sales according to the report?

Who is the chief economist of the National Association of Realtors mentioned in the report?

What was the median price of an existing home compared to the same time last year?

What was the annual pace of existing home sales in August?