Sales of existing homes fell for the seventh straight month in August, as sharply higher mortgage rates slammed the brakes on buying activity. Prices have also started to drop, after peaking in June.
, as sharply higher mortgage rates slammed the brakes on buying activity.Numbers published yesterday by the National Association of Realtors showed existing home sales slipping to an annualized rate of 4.8 million last month.
Go deeper: Prices finally started to drop in the last two months, with the median existing home selling for $389,500, down nearly 6% from the peak of $413,800 in June.acknowledged at his press conference Wednesday that homebuying has slowed — and added that he thinks the housing market needs to experience a correction for supply and demand to become better aligned.
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