Friday, 30 September, 2022
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US home sales fall for sixth straight month in July

US home sales fall for sixth straight month in July

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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).

The housing market soared during the pandemic as Americans, flush with savings, took advantage of bargain mortgage rates to snap up homes. The sector is a huge part of the world's largest economy since it drives spending in other categories, including appliances, furniture, and home improvement materials.

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.