US Sales of Previously Owned Homes Decline for a Seventh Month
- Contract signings dropped to 4.8 million pace in August
- Median price rose 7.7% from year ago, least since 2020
This article is for subscribers only.
Sales of previously owned US homes fell for the seventh straight month in August as rising mortgage rates continued to erode affordability and deal a considerable blow to the housing market.
Contract closings fell 0.4% to an annualized pace of 4.8 million, the weakest since May 2020, figures from the National Association of Realtors showed Wednesday. The median estimate in a Bloomberg survey of economists called for 4.7 million. Sales fell 17.4% from a year ago on an unadjusted basis.