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

Why it matters locally: Missouri's housing market is not immune to national trends, with rising mortgage rates and home prices likely contributing to similar challenges for homebuyers across the state. This could impact affordability and the rate of homeownership for Missouri residents.

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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.