US Existing-Home Sales Fall 2% to 3.96 Million as Higher Mortgage Rates Bite
Updated
Updated · Kitco NEWS · Sep 10
US Existing-Home Sales Fall 2% to 3.96 Million as Higher Mortgage Rates Bite
3 articles · Updated · Kitco NEWS · Sep 10
Summary
Existing-home sales slipped 2% in August to a seasonally adjusted 3.96 million annual rate, the weakest level since February and in line with economists’ forecasts.
Higher interest rates pushed mortgage costs up and curbed buying activity, NAR said, reinforcing the usual inverse relationship between mortgage rates and home sales.
3.1% wage growth in August and 643,000 net new jobs added so far this year have still supported demand, with existing-home sales up 1.6% year to date through August.
Gold failed to draw strong safe-haven buying after the housing data, with spot prices last at $4,365.50 an ounce, down 0.85% on the day.