Sales of Previously Owned Homes Fell in August, as Prices Ease From Record Highs
Sales of previously owned homes fell in August from July for the seventh consecutive month of decline, while prices declined from record highs.
The annual rate of existing home sales fell 0.4 percent, to 4.80 million units, last month, the slowest pace since early in the pandemic in May 2020, according to the National Association of Realtors.
Meanwhile, sales figures in August 2022 were 19.9 percent lower than the year-ago month, which is a massive drop.
The contracts for August sales were probably signed one to two months before they were closed, when mortgage rates were higher, before they declined at the end of that period….