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Home Sales Drop as Rates Soar | Real Estate News
Home sales plummeted last month, down over ten percent from July, as soaring mortgage rates squeeze buyers’ budgets—now hovering around six and a half percent. With home values at $369K, monthly payments are climbing, while rents also spike, trapping would-be homeowners on the sidelines. Despite more listings than last year, many still sell above asking price, pushing sellers to cut prices—but demand remains strong for the right homes. Rates hit a 13-month high, fueled by global bond market turbulence and looming Fed rate hikes, making buying feel like a gamble. For now, renting—even if…
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