Key facts
- Existing home sales in the U.S. fell 2.4% in April.
- April existing home sales reached a seasonally adjusted annual rate of 5.61 million units.
- April's sales level was the lowest since June 2020.
- Soaring prices and rising interest rates are cited as reasons for the decline.
- Housing affordability has been significantly reduced.
- Existing home sales in the U.S. fell 1.7% in July.
- July existing home sales reached a seasonally adjusted annual rate of 4.06 million units.
- July marked the second consecutive monthly drop in existing home sales.
- Higher mortgage rates and limited inventory are deterring buyers and sellers.
Existing home sales in the United States experienced a notable downturn in April, falling 2.4% to a seasonally adjusted annual rate of 5.61 million units. This figure represents the lowest level recorded since June 2020. The primary drivers behind this decline are identified as soaring prices and rising interest rates, which collectively have significantly diminished housing affordability for prospective buyers.