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Home sales slumped in July as rising mortgage rates and prices discouraged many would-be homebuyers

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Sales of previously occupied U.S. homes fell last month to the slowest pace since January, as elevated mortgage rates and a stubbornly low inventory of homes on the market combined to discourage many would-be homebuyers.

“At least when it comes to home prices, it looks like the housing recession is already over,” Yun said.

All told, there were 1.11 million homes on the market by the end of last month, down 14.6% from a year earlier, the NAR said.The latest housing market figures are more evidence that many house hunters are being held back by a persistently low inventory of homes for sale and rising mortgage rates.

 

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Home sales slumped in July as rising mortgage rates and prices discouraged many would-be homebuyersSales of previously occupied U.S. homes fell last month to the slowest pace since January, as elevated mortgage rates and a stubbornly low inventory of homes on the market combined to discourage many would-be homebuyers.
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