From CNBC:

The sales of previously owned homes in the US dropped by 2.2% in July, reaching the lowest pace since 2010. Mortgage rates hit 7.04%, driven by positive employment and manufacturing reports. 2023 saw record high home prices, leading to the worst home sales numbers since 1995. Economists believe 2024 will fare better, but it’s dependent on the market’s ability to balance high prices and rates.



Read more: Mortgage rates back over 7%, as stronger economic data rolls in