The real estate market is churning again, and based on the latest home sales numbers from several sources, the end of private home bidding wars may be nearing its end.
According to the National Association of Realtors (NAR), existing home sales declined for the sixth consecutive month, dropping 5.9% from June to a seasonally adjusted annual rate of 4.81 million. The numbers represent a more than 20% drop from a year ago. The association is quick to blame rising mortgage rates as the main culprit.
