existing home sales

Mortgage rates and existing home prices are high, but the spillover effect on today’s economy has turned out to be more limited than one might think.

In late February, mortgage rates had dipped just below 6%, listings were rising, and affordability was beginning to improve. Then, the war in Iran introduced a new round of uncertainty and volatility.

In March, seasonally-adjusted sales of existing homes were down 3.6%, according to the National Association of Realtors.

Home sales climbed by 2% in July, according to the National Association of Realtors, but prices remain high.

Analysts say last month’s slowdown is just the beginning.

It's a supply problem.