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Home sales in the US fell, prices grew more slowly in August

FILE – A “sold” sign is posted outside a single-family home in a residential neighborhood in Glenside, Pa., Wednesday, Aug. 4, 2021. Average long-term U.S. mortgage rates jumped again this week, Thursday, Sept. 8, 2022 hit their highest level in nearly 14 years, which is sure to keep even more potential buyers out of the housing market, which has cooled significantly since the Federal Reserve began raising its benchmark lending rate. .(AP Photo/Matt Rourke, File) (Matt Rourke, Copyright 2021 The Associated Press. All rights reserved.)

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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Home sales in the US fell, prices grew more slowly in August

FILE – A “sold” sign is posted outside a single-family home in a residential neighborhood in Glenside, Pa., Wednesday, Aug. 4, 2021. Average long-term U.S. mortgage rates jumped again this week, Thursday, Sept. 8, 2022 hit their highest level in nearly 14 years, which is sure to keep even more potential buyers out of the housing market, which has cooled significantly since the Federal Reserve began raising its benchmark lending rate. .(AP Photo/Matt Rourke, File) (Matt Rourke, Copyright 2021 The Associated Press. All rights reserved.)

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.


Reported by Source link

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Most Popular