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Existing home sales rise monthly as mortgage rates climb
The National Association of Realtors said existing home sales were up 1.5% month over month, but down 2.2% year over year, and the report may lag mortgage rates now above 7%.
HousingWire reports the National Association of Realtors said existing-home sales increased 1.5% month over month, even as they fell 2.2% from a year earlier.
The outlet noted that the sales data may reflect a delayed picture, since mortgage rates have risen rapidly in recent weeks and now sit above 7%.
HousingWire also pointed to inventory that remains below normal, with about 1.6 million homes available, alongside higher home prices on a year-over-year basis.
The outlet said the key question is how sales will perform going forward as mortgage rates remain elevated.