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.
![](https://kbin.life/media/cache/resolve/entry_thumb/88/40/88403cd455f1c4f84c6deadae388591ac6c5f9db222b8517aa5890cffe1fc976.jpg)