Washington, Dhu-Alhijjah 20, 1437, September 22, 2016, SPA -- Sales of existing U.S. homes fell in August, an industry group reported Thursday, as a worsening inventory shortage seems to be hurting sales and pushing home prices higher. The National Association of Realtors (NAR) said existing-home sales fell 0.9 percent last month to an annual rate of 5.33 million. The decline followed a period of steady gains that have lifted home sales 3 percent so far this year. Historically low mortgage rates have combined with a strong jobs market to increase demand from potential buyers, but sharply fewer sellers are entering the market. The result is that the number of properties for sale is shrinking despite the buyer enthusiasm. Inventory has collapsed 10.1 percent from a year ago to 2.04 million homes. The decrease in inventory has meant that demand is greater than supply, prompting prices to rise. The median home price in August was up 5.1 percent from a year earlier. Higher home prices have led to bidding battles over properties and caused many potential buyers to remain in rentals. --SPA 18:21 LOCAL TIME 15:21 GMT www.spa.gov.sa/w