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U.S. home sales fall 0.6% as mortgage rates remain above 6.5%

  • U.S. home sales fell 0.6% year over year in August.
  • Newly pending sales declined 2.6% as mortgage rates stayed above 6.5%.
  • Housing inventory rose 3% amid continuing affordability challenges.

U.S. home sales fell 0.6% year over year in August, while newly pending sales dropped 2.6%. The slowdown was linked to mortgage rates above 6.5%, even as housing inventory increased 3%. Affordability challenges continued to influence the direction of housing demand.

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