US home sales slowest in more than a year as mortgage rates and prices climb

The US housing market faces renewed slowdown as borrowing costs climb, with sales of existing homes dropping to their weakest pace in over a year. Rising mortgage rates—fueled in part by geopolitical tensions—have made homebuying less affordable, contributing to a third consecutive monthly decline in transactions. The National Association of Realtors reports a 2% drop in August, signaling persistent challenges for both sellers and buyers amid tightening financial conditions.

Housing market has been stymied by borrowing costs, as Iran war pushed mortgage rates higherSales of previously occupied US homes declined in August to their slowest annual pace in more than a year as home shoppers grappled with rising mortgage rates and home prices.Existing home sales fell 2% last month from July to a seasonally adjusted annual rate of 3.98m units, the National Association of Realtors said on Thursday. This is the third straight monthly decline. Continue reading...