1111 ET - Home sales slipped 0.6% year-over-year in August and fell sharply from July, Zillow says. Mortgage rates holding above 6.5% kept many buyers on the sidelines. Newly pending listings, a forward-looking measure of demand, fell 2.6% from a year ago, a sign that the slowdown could continue through the remainder of the year. The typical U.S. home value rose 1.3% from a year ago to $369,678, and the monthly mortgage payment on the typical home was 2% higher than last year, Zillow says. Inventory continues to offer a modest bright spot, with 1.41 million homes for sale nationwide, up 3% from a year ago. Homes took a median of 27 days to go pending in August. That's the same as last year and two days longer than July, according to Zillow.
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