U.S. Existing Home Sales Decline Amidst Record Prices and High Mortgage Rates
Existing home sales in the U.S. decreased by 1.7% in July, reaching a seasonally adjusted annual rate of 4.06 million units. This decline is attributed to record-high home prices and the highest mortgage rates in over a year, which are…
Cleveland Akron, OH, August 11, 2026 —
Existing home sales in the United States saw a decrease of 1.7% in July, settling at a seasonally adjusted annual rate of 4.06 million units. This downturn in the housing market is largely being driven by persistently high home prices and mortgage rates that have reached their highest point in over a year, creating significant barriers for prospective buyers.
The median sales price for existing homes climbed to $434,100 in July. This figure represents a 2% increase when compared to the same period last year. Concurrently, borrowing costs for homebuyers have escalated, with the average rate for a 30-year fixed mortgage reaching 6.69%. These elevated rates increase the overall cost of homeownership and contribute to buyer hesitation.
Adding to the market’s challenges is a continued shortage of available homes. At the close of July, there were 1.54 million unsold existing homes on the market. This inventory level falls considerably short of pre-pandemic norms and highlights an ongoing imbalance between supply and demand in the U.S. housing sector.
Story summarized from the original created by AP via Scripps News Group on www.news5cleveland.com, see more information here.
