Existing-home sales fall for 6th straight month

In July, existing-home sales dropped 5.9 percent from June and 20.2 percent from a year ago, according to NAR’s latest data. Prices for these homes also dropped from an all-time high of $413,800 in June to $403,800. Markets around the country are absorbing the effects of rising mortgage interest rates and sustained inflation. Industry participants are having to navigate a changing market.