National Association of Realtors
- Existing home sales fell 0.7% in August from the prior month as higher mortgage rates lead to limited supply of homes for sale.
- Sales fell to an annualized rate of 4.04 million units, below the pandemic low of 4.09 million.
- "Home prices continue to march higher despite lower home sales. Supply needs to essentially double to moderate home price gains," NAR economist Lawrence Yun said.
Our Chart of the Day is from the National Association of Realtors, which shows that the post-pandemic rebound of home sales has been completely wiped out amid a period of elevated mortgage rates.