US Home Sales Slump Amid Rising Mortgage Rates

Existing home sales in the US fell 2% in August to a seasonally adjusted annual rate of 3.98 million units, marking the third consecutive monthly decline. The slowdown comes as mortgage rates rise due to the Iran war and home prices remain high, despite the highest housing.

🐿️ Homebuyers are stuck in a nutty paradox: more homes on the market than ever, but higher borrowing costs and prices are keeping them from cracking open a deal.