Existing-home sales decreased by 2.4% month-over-month and increased 2.8% year-over-year, according to the National Association of REALTORS® Existing-Home Sales report. The report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales, price, and inventory. Month-over-month sales increased in the Northeast, and declined in the Midwest, South and West. Year-over-year sales rose in the Midwest, South and West and were flat in the Northeast. “The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home ... (full story)

High mortgage rates coupled with record-high prices is causing homebuyers to pull back. Sales of previously owned homes in June dropped 2.4% from May to 4.09 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts were predicting a slight gain month over month. June sales were, however, were 2.8% higher than the same month a year prior. “The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” said Lawrence Yun, the Realtors’ chief economist, ... (full story)