Sales Slump Amid Record Listings as Rates Near 7%
TL;DR Summary
August existing-home sales slowed to a 3.98 million pace—the weakest in 14 months—while supply rose to about 1.62 million homes, the highest since 2019, as the 30-year mortgage rate nears 7%; economists say demand remains weak despite more listings, giving buyers greater leverage, with the median August price at $429,100 (an August high).
- Home sales are the lowest they’ve been all year even though inventory is at a 7-year high MarketWatch
- US Existing Home Sales Slide to Weakest in More Than a Year Bloomberg.com
- US home sales slowest in more than a year as mortgage rates and prices climb The Guardian
- US existing home sales drop to 14-month low in August Reuters
- Gold off its lows but largely ignores 2% drop in U.S. existing home sales KITCO
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