U.S. Existing-Home Sales Fall to Three-Month Low as Prices and Mortgage Rates Remain Elevated
U.S. existing-home sales fell to a three-month low in July as elevated home prices and mortgage rates continued to pressure the housing market. According to the National Association of Realtors, or NAR, July contract volume fell 1.7% from the previous month, at an annualized rate of 4.06 million homes. The median sales price rose 2% from a year earlier to $434,100, the highest July price on record. That extended the year-over-year streak of annual price gains that began in summer 2023.
U.S. existing-home sales fell to a three-month low in July as elevated home prices and mortgage rates continued to pressure the housing market.
According to the National Association of Realtors, or NAR, July contract volume fell 1.7% from the previous month, at an annualized rate of 4.06 million homes.
The median sales price rose 2% from a year earlier to $434,100, the highest July price on record. That extended the year-over-year streak of annual price gains that began in summer 2023.
According to the National Association of Realtors, or NAR, July contract volume fell 1.7% from the previous month, at an annualized rate of 4.06 million homes.
The median sales price rose 2% from a year earlier to $434,100, the highest July price on record. That extended the year-over-year streak of annual price gains that began in summer 2023.