Home sales fell again in August as homebuyers grapple with rising mortgage rates
Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers LOS ANGELES -- Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers. Existing home sales fell 0.7% last month from July to a seasonally adjusted annual rate of 4.04 million, the National Association of Realtors said Thursday. That’s below the 4.10 million pace that economists were expecting, according to FactSet. Sales slumped 15.3% compared with the same month last year and are down 21% through the first eight months of the year versus the same stretch in 2022. Meanwhile, prices rose again last month, propped up by buyers competing for a near-record low inventory of homes on the market. The national median sales price rose 3.9% from August last...