By ALEX VEIGA, Associated Press Business Writer

Sales of previously occupied U.S. homes remained sluggish in August, even as a late-summer slide in mortgage rates brought home loan borrowing costs to a 10-month low.

Existing home sales slipped 0.2% last month from July to a seasonally adjusted annual rate of 4 million units, the National Association of Realtors said Thursday. That’s the slowest sales pace since June.

Sales rose 1.8% compared with August last year. The latest sales figure topped the 3.96 million pace economists were expecting, according to FactSet.

The national median sales price increased 2% in August from a year earlier to $422,600. That’s the 26th consecutive month that home prices have risen on an annual basis.

The U.S. housing market has been in a sales slump sinc

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