For the sixth straight month, existing home sales in the U.S. continue to slide.
Sales in July fell by nearly 6% compared to the previous month, according to findings by the National Association of Realtors (NAR) on Thursday.
The dip equates to about 4.81 million units, the NAR said, marking its slowest sales pace since November 2015 – with the exception of the drop seen at the beginning of the COVID-19 pandemic two years ago.
The NAR said sales fell about 20% compared to July 2021, when the housing market remained hot.
Chief Economist Lawrence Yun of NAR said in a statement that the ongoing sales decline reflects the impact of the 30-year fixed-rate mortgage peaking as high as 6% in early June before settling currently into a still-high 5% range compared to record low rates the past few years.
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