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

Why it matters locally: Michigan's housing market is also facing challenges as potential homebuyers grapple with rising prices and higher mortgage rates, mirroring national trends and impacting affordability across the state.

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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.