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AP-National

Home sales slumped in July as rising mortgage rates and prices discouraged many would-be homebuyers

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Published 9:21 AM

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell last month to the slowest pace since January, as elevated mortgage rates and a stubbornly low inventory of homes on the market combined to discourage many would-be homebuyers. Existing home sales fell 2.2% last month from June to a seasonally adjusted annual rate of 4.07 million, the National Association of Realtors said Tuesday. That’s below the 4.15 million pace that economists were expecting, according to FactSet. Sales slumped 16.6% compared with July last year. The national median sales price rose 1.9% from July last year to $406,700, marking the first annual increase in prices since January.

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