Existing homes sales dip unexpectedly

Existing homes sales unexpectedly fell 2.7 percent in August to a seasonally adjusted 5.10-million unit annual rate, the National Association of Realtors announced Thursday. It was the index's first decline in five months.

Economists surveyed by Bloomberg News had expected August existing home sales to total a 5.35-million-unit annualized rate. In the four monthly gains prior to August, existing home sales had risen 15.2 percent. Existing homes sales totaled a 5.24-million-unit pace in July.