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

Why it matters locally: California's housing market typically mirrors national trends, and with median home prices consistently among the highest in the nation, this decline in sales amidst record prices and high mortgage rates could further exacerbate affordability challenges for residents.

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.