Home sales fell in August for the seventh straight month, and prices dropped from the prior month, as mortgage rates rose
The housing market has slowed from a red-hot pace as the Federal Reserve aggressively raises interest rates
Economists have long said that renting and investing in the stock market is a better investment than owning a house, and in 2022 that could be especially true. WSJ’s Dion Rabouin explains. Photo illustration: Elizabeth SmelovU.S. existing-home sales and prices fell in August from the prior month as mortgage rates climbed toward their highest level in 14 years.
Sales of previously owned homes dropped 0.4% in August from July to a seasonally adjusted annual rate of 4.8 million, the weakest rate since May 2020, the National Association of Realtors said Wednesday. August sales fell 19.9% from a year earlier.
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