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The Economic Times
The Economic Times

US existing homes fall 1.7% in July as record prices, high mortgage rates stifle would be-buyers

United States NAR Carl Weinberg Home Prices

WASHINGTON: Sales of previously occupied U.S. homes slowed again in July as record prices and the highest mortgage rates in a year prove to be an insurmountable hurdle for many prospective homebuyers.

Existing home sales fell 1.7% last month from June to a seasonally adjusted annual rate of 4.06 million units, the National Association of Realtors said Tuesday. That's slightly above the 4.05 million pace economists were expecting, according to FactSet.

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