US existing home sales fall in August; house prices rise

WASHINGTON (Reuters) – U.S. existing home sales unexpectedly fell in August as persistently tight supply boosted prices, and a further decline is likely amid a resurgence in mortgage rates. Existing home sales slipped 0.7% last month to a seasonally adjusted annual rate of 4.04 million units, the National Association of Realtors said on Thursday. Existing home sales are counted at the closing of a contract. Last month’s sales likely reflected contracts signed in July, before the recent run-up in mortgage rates, which lifted the rate on the popular 30-year fixed mortgage above 7%. Economists polled by Reuters had forecast home sales climbing to a rate of 4.10 million units. To continue reading the rest of the article, please click on the source link below: https://www.shorenewsnetwork.com/2023/09/21/us-existing-home-sales-5/