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Sales of previously owned U.S. homes were unchanged in August, indicating buyers are balking at higher prices and leaving more inventory on the market for the first time in three years, a National Association of Realtors report showed Thursday.

Contract closings were unchanged from the prior month at a 5.34m annual rate (est. 5.37m); follows four straight declines. Median sales price increased 4.6% y/y to $264,800. Inventory of available properties rose 2.7% y/y to 1.92m, which was the first increase in more than three years.

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