US Home Sales Slump Amid Rising Mortgage Rates
🐿️ The Squirrel's Take
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.
💡 Why it matters
The persistent sales slump could further cool the housing market, potentially lowering home values and making it harder for sellers to find buyers, while renters face continued high costs.
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.
📡 Where we spotted it (2)
cnbc.com
Home sales fall in August despite the highest supply in over a decade
1h ago
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The Guardian
US home sales slowest in more than a year as mortgage rates and prices climb
1h ago
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