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Housing market stalls as high mortgage rates and record prices bite

The summer pullback is showing up in weaker existing home sales and declining builder sentiment, as buyers stay stressed and affordability worsens.

Reported · Written up by our desk · Residential

CNBC reports that the housing market has been struggling this summer as mortgage rates remain high and home prices sit at record levels. The combination is squeezing would-be buyers and contributing to rising consumer stress.

According to CNBC, those pressures are feeding into a drop in existing home sales. The report also links the slowdown to softer builder sentiment, suggesting the impact is spreading beyond buyers to new home construction expectations.

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