Home sales in July fell more than expected as rising mortgage rates kept owners and buyers at bay. Things aren’t looking much better in August.
The slowdown in sales follows gains in mortgage rates earlier this summer. Freddie Mac ‘s weekly gauge of the average 30-year mortgage rate began and ended June at 6.81%—well above historic lows earlier in the pandemic, and higher than the low-to-mid 6% rates at the beginning of the year. Mortgage rates climbed in late 2022, slowing demand and reducing supply.
The sluggish market for existing-homes is likely little concern to homeowners content with staying in place: strong prices and relatively low supply drove home equity to $16 trillion in June, Black Knight said earlier this month.
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