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Home sales fell again in August as homebuyers grapple with rising mortgage rates and prices

Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers.

Existing home sales fell 0.7% last month from July to a seasonally adjusted annual rate of 4.04 million, the National Association of Realtors said Thursday. That’s below the 4.10 million pace that economists were expecting, according to FactSet.

Sales slumped 15.3% compared with the same month last year and are down 21% through the first eight months of the year versus the same stretch in 2022.

tsonfeir ,
@tsonfeir@lemm.ee avatar

There is a renovated shack down the street from me renting for $3500/m. It sold for under 100k in 2018

Fedizen ,

Well they’re managing to keep people with mortages out of the market, if only they did something to prevent corporations from buying houses with cash

cantstopthesignal ,

We need to make non-owner occupied houses pay more taxes.

Potatos_are_not_friends ,

Stories like this be like… looks like the market is healing!

As if home prices didn’t increase by like 100% in five years and then it drops by 2% this month.

HubertManne ,

buy the dip!

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