Existing Home Sales Fall To Lowest Level In More Than Two Years

MIAMI, FLORIDA - JANUARY 30: A House For Sale sign is seen outside of a home on January 30, 2019 in Miami, Florida. The pending home sales index dropped 2.2 percent to 99.0, down from 101.2 in November, the weakest reading since April 2014 according to the National Association of Realtors. (Photo by Joe Raedle/Getty Images)

At a glance

According to a report by the National Association of Realtors released Wednesday, sales were down nearly 20 percent from a year ago. Existing-home sales tumbled by 0.4 percent in August to a seasonally adjusted annual rate of 4.8 million.  

Sales of existing homes have fallen for a seventh straight month and are at the lowest since early in the pandemic. Mortgage rates rose over the past few months as the Federal Reserve conducted aggressive interest rate hikes to curb inflation. Last week mortgage rates ballooned to over 6 percent for the first time since the Great Recession. 

 

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