Sales of existing homes declined in July, down 16.6% from the year before.
Existing home sales fell by 2.2% from June to July to a seasonally adjusted rate of 4.07 million, according to a report by the National Association of Realtors released Tuesday.Total housing inventory at the end of July was 1.11 million units, up 3.7% from June and down 14.6% from a year ago.
The news comes as mortgage rates rise to levels not seen in more than two decades, with the Federal Reserve most recently increasing its interest rate target to a range of 5.25% to 5.50%. During the height of the pandemic, when the housing market became red hot, homebuyers were able to lock in ultra-low mortgages of less than 3%.
The dynamic between existing home sales and new home sales has complicated the housing market a bit. That is because while some economists declared the housing market to be in a recession last year, the number of people holding on to their existing homes has put pressure on new home sales.
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