U.S. home sales fell more than expected in July, to their lowest level in six years, due to a rise in mortgage rates and a surge in housing prices, forcing prospective homebuyers out of the market, according to July data from the U.S. Census Bureau.
New single-family home purchases dropped 12.6 percent, to a seasonally adjusted annual rate of 511,000 units, for the sixth consecutive month of declines.
This is below the revised June rate of 585,000, as new home sales are down 29.6 percent below the July 2021 estimate of 726,000.
Despite the slowdown in the housing market, the cost of new homes continued to rise in July, with median prices jumping nearly 9 percent in July from June, to $439,400, while the average sales price was $546,800….