Existing home sales in the US decreased by 0.7 percent in August, recording its lowest level since January.

The National Association of Realtors (NAR) announced the second-hand home sales data for August.

Accordingly, second-hand home sales in the country decreased by 0.7 percent on a seasonally adjusted monthly basis to 4.04 million in August.

Second-hand home sales, which fell to its lowest level since January, were expected to be realized at 4.1 million in this period. Second-hand home sales were recorded as 4.07 million in July, down 2.2 percent.

Second-hand home sales in the country decreased by 15.3 percent in August compared to the same month last year.

While median house prices in the second-hand market in the US were 401 thousand 100 dollars in August, it rose above the 400 thousand dollar level for the third time in a row.

NAR Chief Economist Lawrence Yun, who was quoted in the statement, stated that housing sales have been stable for several months and have not fallen or risen meaningfully, noting that changes in the mortgage rate will have a major impact on sales in the short term, while employment gains will have a stable, positive effect in the long term.

Pointing out that house prices continue to rise despite low sales, Yun said, "Supply needs to double to moderate the increase in house prices."