Existing home sales fell sharply in July, declining throughout the United States and in every price category amid high borrowing costs, according to industry data released Wednesday.
The sixth consecutive monthly decline came as home prices continued to rise albeit at a slightly slower pace, according to the National Association of Realtors (NAR).
High demand exacerbated the pre-pandemic housing shortage, sending prices higher. But as the Federal Reserve has raised interest rates aggressively to combat scorching inflation, the sales pace has taken a hit.
