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

Why it matters locally: The decline in U.S. existing home sales, driven by high prices and mortgage rates, mirrors trends observed in Kentucky's housing market, where affordability challenges are affecting potential homebuyers across the state, including in metropolitan areas like Louisville and Lexington.

---

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.