US pre-occupied home sales slowed for the seventh month in a row in August as a sharp increase in mortgage rates and rising home prices made buying a home less affordable.
The National Association of Realtors said Wednesday that sales of existing homes fell 0.4% last month from July to a seasonally adjusted annual rate of 4.80 million. That’s higher than economists expected, according to FactSet.
Sales fell 19.9% from last August and are now at their slowest annual pace since May 2020, near the start of the pandemic.
The national median home price in August jumped 7.7% year-over-year to $389,500.
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