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Inflation Takes Toll: US home sales slide 16.6% as housing market falters
Posted on August 29, 2023 |
The housing market saw a 2.2% drop in existing home sales for July, with a significant 16.6% decline compared to last year's figures.
Inflation's impact on housing becomes evident as sales decrease and costs rise.
The scarcity of available housing units posed challenges for both first-time homebuyers and renters.
Federal Reserve's interest rate influenced the market as soaring mortgage costs are linked to rising interest rates.
Mortgage rates reached a 20-year peak at 7.09%, based on Freddie Mac's data.
The connection between housing sector inflation and potential interest rate hikes raised uncertainties about the Federal Reserve's next steps.