U.S. existing home sales dropped to a six month-low in July as home owners who are locked into cheap mortgages refrained from selling their properties with the cost of new mortgages for another home at the highest levels in decades.
That limited inventory, however, helped drive prices higher on a year-over-year basis for the first time since January.
Home resales, which account for a big chunk of U.S. housing sales, fell 16.6% on a year-on-year basis in July. There were 1.11 million previously owned homes on the market last month, up 3.7% from a month earlier but down 14.6% from July 2022. At July's sales pace, it would take 3.3 months to exhaust the current inventory of existing homes, up from 3.2 months a year ago.
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