The housing market has been severely impacted by rising interest rates and inflation, which are eating into homebuyers' budgets. In addition, high prices of homes and rising mortgage rates significantly affected buyers' affordability.
According to the National Association of Realtors’ monthly report, sales of previously owned homes fell nearly 6% sequentially and 20% year-over-year in July. This decline primarily resulted from a more than 6% increase in 30-year fixed mortgage loans in the month.
