Home Sales , Continue To Drop , As Prices and Rates Remain High.<br />In August, home sales declined for the seventh month <br />in a row as rising mortgage rates and lingering <br />high prices drove potential buyers out of the market.<br />CNN reports that sales of existing <br />homes were down 19.9% from 2021, <br />the weakest level since November 2015.<br />According to a report by the National Association of Realtors, a year-over-year decline was seen across all price categories.<br />At the same time, home prices <br />continued to climb, reaching <br />a median home price of $389,500.<br />That's up 7.7% from <br />the same time in 2021.<br />CNN reports that the increase <br />marks more than a decade of <br />year-over-year monthly gains.<br />The housing sector is the most sensitive <br />to and experiences the most immediate <br />impacts from the Federal Reserve’s <br />interest rate policy changes. , Lawrence Yun, National Association <br />of Realtors chief economist, via CNN.<br />The softness <br />in home sales <br />reflects this year’s <br />escalating mortgage rates, Lawrence Yun, National Association <br />of Realtors chief economist, via CNN.<br />Last week, the average rate for a 30-year fixed-rate mortgage climbed to 6%. .<br />That's the highest it's been since 2008 <br />and almost double what it was in 2021.<br />All bets are off <br />if mortgage rates <br />go higher, Lawrence Yun, National Association <br />of Realtors chief economist, via CNN
