Ticker: Home sales fell in August despite easing mortgage rates; Nearly 138,000 beds are being recalled
Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise.
Existing home sales fell 2.5% last month, from July, to a seasonally adjusted annual rate of 3.86 million, the National Association of Realtors said Thursday.
Sales fell 4.2% compared with August last year. The latest home sales were short of the 3.9 million pace economists were expecting, according to FactSet.
Home prices increased on an annual basis for the 14th consecutive month. The national median sales price rose 3.1% from a year earlier to $416,700. That’s the highest median price for the month of August on records going back to 1999.
Nearly 138,000 beds are being recalled
Nearly 138,000 platform beds sold at major retailers including Amazon and Walmart are being recalled across the U.S. and Canada because they can collapse, posing fall and injury risks.
Utah-based importer CVB Inc. is recalling the Lucid-branded platform beds with upholstered square tufted headboards. According to Thursday notices from the U.S. Consumer Product Safety Commission and Health Canada, the beds can sag, break or collapse during use.
To date, there have been 245 incidents of this occurring in the U.S., resulting in 18 related injuries such as contusions and bruises, the CPSC said. An additional 11 reports of “bed failures” have been reported in Canada, with no further injuries.