Sales of US existing homes in the last month likely fell to the lowest level in more than two years.  This was according to the National Association of Realtors. Existing home sales likely fell to an annualized rate of 6.18 million in August from 6.33 million in July, according to the median estimate of 75 economists polled by Reuters.

Diminishing affordability with wages relatively constant after a large jump in home prices continues to be the main culprit for the slowdown, according to economists.  The National Association of Realtors will release its USexisting home sales data on Monday at 10 am (1400 GMT).

The report comes on the heels of an industry survey which showed homebuilder sentiment sank for the eighth straight month in September, to a 15-year low as buyers cancelled contracts and investors continued to exit the sector.

The closely watched National Association of Home Builders' index declined in September to the lowest since February 1991, when the economy had slipped into recession.