US Existing Home Sales Decline, but Prices Continue to Rise

US existing home sales fell to a six-month low in July, reaching the lowest level since January, as homeowners with cheap mortgages refrained from selling due to high costs of new mortgages. This limited inventory helped drive prices higher on a year-over-year basis for the first time since January. Sales declined in the Northeast, Midwest, and South, but rose in the West. The shortage of properties for sale could limit any rebound in the housing market, as mortgage rates have surged to the highest levels in decades. The median existing house price rose 1.9% from a year earlier to $406,700 in July.