Braking Down The News

U.S. Home Sales and Prices Fell in August as Mortgage Rates Rose

The housing market has slowed from a red-hot pace as the Federal Reserve aggressively raises interest rates

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The U.S. housing market slowed for a seventh straight month in August, the longest stretch of declining sales since 2007, as higher mortgage rates continued to undercut buyer demand.

Home sales look poised to decline further in the coming months, economists say, as mortgage rates recently topped 6% for the first time since 2008, when the U.S. was in a recession. Many first-time buyers have been priced out of the market, and existing homeowners are opting to stay put rather than give up their current low rates.

 

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