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● TRACKER Updated 67d ago · 9 sources tracked

Zillow predicts major mortgage rate, housing market change

Existing home sales in the US dropped 1.7% in July, according to the National Association of Realtors. This decline is attributed to rising mortgage rates and high home prices, which have discouraged potential buyers. The decrease in sales is consistent with a trend of falling home sales in recent months.

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  • ✓ Existing home sales in the US fell 1.7% in July.
  • ✓ Rising mortgage rates and high home prices have discouraged potential buyers.
  • ✓ This decline is consistent with a trend of falling home sales in recent months.
🛡️ Source Corroboration: 9 independent reporting domains (95% confidence) ⏱ Read time: ~2 min

What changed

The National Association of Realtors reported a 1.7% decrease in existing home sales in July, confirming a trend of declining home sales.

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  1. US Existing Home Sales Fall 1.7% in July

    Existing home sales in the US dropped 1.7% in July, according to the National Association of Realtors. This decline is attributed to rising mortgage rates and high home prices, which have discouraged potential buyers. The decrease in sales is consistent with a trend of falling home sales in recent months.

    Why it matters

    The housing market has been experiencing a slowdown due to increasing mortgage rates and high home prices. This trend is significant as it affects the overall economy and the decisions of potential homebuyers. The National Association of Realtors' report provides insight into the current state of the housing market.

    What is confirmed

    • Existing home sales in the US fell 1.7% in July.
    • Rising mortgage rates and high home prices have discouraged potential buyers.
    • This decline is consistent with a trend of falling home sales in recent months.

    What to watch next

    • The Federal Reserve's decision on interest rates
    • Changes in mortgage rates and their impact on home sales
    • The release of the next National Association of Realtors report
    Sources used for this update (9)
    1. Yahoo Finance — Home sales slipped again in July as rising mortgage rates discouraged buyers
    2. National Association of REALTORS® — NAR Existing-Home Sales Report Shows 1.7% Decrease in July
    3. Reuters — US existing home sales fall further; small business sentiment at 11-month high
    4. WSJ — A Sharp Decline in Lumber Futures Foretold July's Weak Home Sales
    5. thestreet.com — Zillow predicts major mortgage rate, housing market change
    6. pbs.org — U.S. existing homes fall 1.7% in July as record prices, high mortgage rates stifle would be-buyers
    7. Business Insider — An economist flags a worrying sign of 'cracking' home prices with parallels to the 2008 meltdown
    8. Bloomberg.com — US Homebuyers Are Feeling Priced Out. Are You One of Them?
    9. Deseret News — Here’s how much U.S. home sales just dropped
    confidence 95%
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