U.S. home sales fall again
U.S. existing home sales declined for the second consecutive month in July, decreasing by 1.7% to an annual rate of 4.06 million units, which is below experts’ expectations of 4.05 million units. This decline is attributed to rising mortgage interest rates, which reached 6.69%, the highest level since July 2025, dampening homeowners’ willingness to sell and exacerbating the housing supply shortage. The sales saw a slight annual increase of 0.7%, while the average home price rose by 2.0% to $434,100. Meanwhile, the market continues to suffer from a decrease in inventory, which fell by 1.9% to 1.54 million units. At the current sales pace, the existing inventory would last approximately 4.6 months, with the impact of rising interest rates continuing to affect the real estate activity.
Notice: This Is an AI-Generated Summary
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