The Rate Trap: How Mortgage Interest is Stifling US Home Sales The National Association of Realtors' latest data on existing home sales reveals a worrying trend: despite steady price growth, the market remains mired in a slowdown.
August's contract closings slumped 2% to an annualized rate of 3. 98 million, marking one of only two instances since 2024 where sales have dipped below 4 million.
The current state of mortgage rates is largely responsible for this decline.