US Existing Home Sales Plunge to 9-Month Low Amidst Record Prices and High Mortgage Rates
US Existing Home Sales Plunge to 9-Month Low Amidst Record Prices and High Mortgage Rates The U.S. housing market experienced a significant setback last month, with existing home sales falling to their lowest level in nine months. Industry data released Wednesday revealed a 2.7 percent drop in June, bringing sales to a seasonally adjusted annual rate of 3.9 million units. This downturn significantly missed analysts’ consensus forecasts, which had anticipated a smaller decline. The National Association of Realtors (NAR) highlighted…