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

Why it matters locally: Arizona's housing market has seen similar trends to the national decline, with high home prices and rising mortgage rates impacting affordability and sales across the state, including in metropolitan areas like Phoenix and Tucson. This national report reflects a broader economic challenge that directly affects potential homebuyers and the real estate industry within Arizona.

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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.