Home sales dropped 20% in August from a year ago | CNN Business

Sales of existing homes – which include single-family homes, townhomes, condominiums and co-ops – were down nearly 19.9% from a year ago and down 0.4% from July. Home prices continued to climb during the month, although it was the lowest year-over-year increase since June 2020. The median home price was $389,500 in August, up 7.7% from a year ago, according to a report from the National Association of Realtors.

That’s down from the record high of $413,800 in June. The price increase marks more than a decade of year-over-year monthly gains. “The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve’s interest rate policy changes,” said Lawrence Yun, NAR’s chief economist. “The softness in home sales reflects this year’s escalating mortgage rates. This story is developing and will be updated.

I can’t believe this is not Trumps fault considering the source.

Problem now is the rising rental rates.

Who’s gonna buy now with high mortgage interest rates?!

High interest rates!!!

Assuming this is “breaking news” it’s what we have already known. Breaking news should be a little more….. breaking. Cool cool you get it you get it

Everything is dropping even tesla

Remember to Vote: Inflation - 8.3% Food prices - continue to rise Gasoline is still... over a dollar a gallon more than when Biden and the Democrats took office. Housing is unaffordable. Billions of dollars for the war machine, and not one penny for the elderly and the poor.

Not good.

Thanks to the Democrats

Good job feds! Housing market collapsing because you target middle class with high interest rates to take all our money and give it to banks for mortgages and cars

Good.

Cars are following , used sales are down , new sales are down , now people can’t afford a new 60K+ car and trucks are 100K these days . If your a cash buyer on houses you will do better now , houses are going to sit .

So the fed is going to increase interest rates to slow down inflation. They admit that this will cause more financial pain to households an financially. Create a problem then say you are going to fix the problem but never take the blame for causing the problem in the first place.

Wow I sold in Feb,timing was perfect.

Way to go Joe Biden!

TY Bidenflation

DROP DROP DROP DROP

Nice header spin. This is the new propaganda machine disguised as a news station.

Thanks Joey!!!

They need to drop 50%! Prices are outrageous for an old, non taken care of home...

Individual buyers are getting priced out of entire markets because corporations are buying whole blocks.

Good job to screw up Americans, Brandon. Let’s go…

ramonajordan423 Home sales have dropped in out town - perhaps because only the very wealthy can afford our multi million dollar prices. Charleston has become the land of trophy homes while the workers who hold our city together commute long distances. Solution?

6 months ago: Wahhh!! The housing market is too hot and leaving buyers locked out!! Seriously, there's always people left out no matter what happens.

Why the prices are stubborn. It is overvalued by Wall Street & Blackrock who are the ultimate investors in the market. They use everyone retirement savings to buy single family houses and deny shareholders from owning a home. The biggest irony in the history of economy.

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Yep

Why would Ron DeSantis do this?!

Everyone knows it's Trump's fault.

Mortgage for a 3 bedroom, 2 bathroom house $ 1950 un South Florida. Rent for a 2 bedroom, one bathroom is $ 2500 same place.

Biden has broken the economy... cheap homes don't mean shit when people can't afford gas or food.

Inflation = cost of things going up. So the FED raising interest rates = making everything cost more? Hey there is a forest fire Quick pour gasoline on it!

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