Home Resales at 1 1/2-Year Low

Rising mortgage rates depressed sales of existing homes in August to the lowest level in nearly a year and a half, and analysts expect the pace to slow further, a trade group said today.

The National Assn. of Realtors said existing single-family homes were sold at a seasonally adjusted annual rate of 3.4 million units last month, a 0.9% drop from July. It was the third consecutive monthly decline and the slowest sales pace since March, 1986, when existing homes sold at a rate of 3.24 million.