National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid- August. With fewer buyers able to afford the costs of homeownership, existing- home sales declined 0.7% month-over-month and were down 15.3% year-over- year, according to the National Association of REALTORS®(NAR).

• Single Family Closed Sales were down 28.4 percent to 1,553.
• Townhouse-Condo Closed Sales were down 31.5 percent to 395.
• Adult Communities Closed Sales were down 21.5 percent to 51.

Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR). 

• Single Family Closed Sales were down 30.2 percent to 1,744.
• Townhouse-Condo Closed Sales were down 34.9 percent to 408.
• Adult Communities Closed Sales were down 16.4 percent to 56. 

Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower. 

• Single Family Closed Sales were down 29.3 percent to 1,754.
• Townhouse-Condo Closed Sales were down 23.3 percent to 417.
• Adult Communities Closed Sales were down 15.0 percent to 51.