Home sales declined again in August, falling to their slowest pace since January and intensifying the worst U.S. housing slump in more than a decade.
Existing-home sales, which make up most of the housing market, decreased 0.7% in August from the prior month to a seasonally adjusted annual rate of 4.04 million, the National Association of Realtors said Thursday. August sales fell 15.3% from a year earlier.
Home sales have tumbled by about 36% from January 2022, and activity could slow further in the months ahead. August sales reflected contracts signed earlier in the summer when borrowing rates were lower than today. Mortgage rates shot back above 7% last month and still hover near two-decade highs, which could prompt buyers to give up for the rest of the year.
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