Home sales drop to lowest level since June 2025
Summary
Sales of existing homes fell to the lowest point in more than a year in August. This drop happened because mortgage rates and home prices went up, making it harder for people to buy houses.Key Facts
- Sales of previously owned homes dropped 2% in August from July.
- This is the lowest home sales level since June 2025.
- Higher mortgage rates make borrowing money for a home more expensive.
- Higher home prices also reduce the number of buyers.
- The National Association of Realtors (NAR) provided the sales data.
- The sales numbers are adjusted to account for seasonal changes.
- Rising costs are slowing down the housing market.
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