August home sales dropped 20% from year before

(CNN) The red-hot housing market in the US is cooling down a bit more.

Wednesday, the National Association of Realtors reported home sales dropped in August for the seventh month in a row.

Sales of existing homes were down 0.4% from July. That includes the sale of single-family homes, townhomes, condominiums, and co-ops.

The group said that’s a nearly 29% drop from a year ago. But the median home price in August was up nearly 8% from last year, to about $389,000 and $500,000.

Stubbornly high home prices, along with higher mortgage rates, are key factors why some prospective home buyers are being pushed out of the market.

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