U.S. Existing Home Sales Decline in July Amid Record Prices, High Mortgage Rates

Why it matters locally: The national trend of declining existing home sales due to record prices and high mortgage rates is expected to mirror in Texas, impacting potential homebuyers and the state's real estate market given its substantial population and continuous growth.

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WASHINGTON – Sales of previously occupied homes across the United States fell in July. Record-high home prices and mortgage rates, the highest in a year, presented challenges for many individuals seeking to purchase property. Analysts observed a continued deceleration in the housing market activity during the month. Consumers encountered financial barriers when attempting to enter the market.