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Contracts to purchase previously owned U.S. homes fell to a seven-month low in August, held back by tight supply in the housing market, the National Association of Realtors said Sept. 29 in Washington.

Purchases of new U.S. homes dropped in August after surging a month earlier to the fastest pace since 2007, representing a pause in momentum within residential real estate.

Sales of previously owned U.S. homes unexpectedly declined to a six-month low in August, signaling that buyers are getting discouraged by a limited selection of properties that’s kept prices high, National Association of Realtors data showed Sept. 22.

Sales at U.S. retailers dropped more than forecast in August, indicating a pause in recent consumer-spending strength that has carried the economy.

Turnover in the U.S. residential property market is set to rise over the coming year, according to a strong majority of analysts polled by Reuters who also forecast the pace of house price gains to remain relatively steady this year and next.

Sales of previously owned homes dropped more than forecast in July from a nine-year high, restrained by limited choices for buyers, National Association of Realtors data showed Aug. 24.

Purchases of new U.S. homes unexpectedly jumped in July to the highest level in almost nine years, led by soaring demand in the nation’s South and adding to signs of persistent housing-market strength.

Purchases of new U.S. single-family homes rose in June to the highest level in more than eight years, indicating a firm and resilient housing market.