A “For Sale” sign is displayed in front of a home in Arlington, Virginia, on August 22, 2023.
Andrew Caballero-Reynolds | AFP | Getty Images
Sales of previously owned homes fell 0.7% in August from July to a seasonally adjusted, annualized rate of 4.04 million units, according to the National Association of Realtors. Sales were down 15.3% from August of last year.
This read is based on closings for contracts likely signed in June and July, when the average rate on the popular 30-year fixed mortgage was in the high 6% range. It moved over 7% toward the end of July and stayed there, hitting affordability hard.
“Home sales have been stable for several months, neither rising nor falling in any…