Surging inflation and interest rates are taking a bite out of homebuyer budgets and have weighed significantly on the housing market. In addition to contending with high prices this year, buyers have lost considerable purchasing power, with mortgage rates increasing twice what they were in January 2022.
U.S. existing home sales fell for the fifth consecutive month in June to the lowest level in two years, as increasing interest rates and record-high selling prices made buying a home too expensive. According to a monthly report from the National Association of Realtors, June's home sales fell 5.4% from May.
