Existing Home Sales Decline As Rates Rise
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WASHINGTON - Sales of previously owned homes fell in July as some house hunters were put off by galloping prices, but the pace of sales was still the third-highest ever, suggesting the red-hot market isn't cooling much. The latest snapshot of activity in the housing market released by the National Association of Realtors on Tuesday showed that July sales of existing homes — including single-family, town homes and condominiums — totaled 7.16 million units at a seasonally adjusted annual rate. That represented a 2.6 percent decline from June's record-high pace of 7.35 million units. Soaring home prices and to a lesser extent rising mortgage rates played a role in July's drop in sales — making it harder for some house hunters to take the leap into home ownership, analysts said.