Sales of existing homes in the U.S. fall for seventh consecutive month

A for sale sign stands in front of a house on Oct. 6, 2020, in Westwood, Mass. Sales of previously occupied U.S. homes slowed in August 2022 for the seventh month in a row, as sharply higher mortgage rates and rising home prices made homebuying less affordable. (AP Photo/Steven Senne)

According to a newly released report compiled by the National Association of Realtors, sales of existing homes in the U.S. fell in August for the seventh month in a row.

Sales were down 0.4% compared to the month before, and sales of existing homes were down almost 20% from the same time last year. 

The organization blames escalating mortgage rates for the continued softness in the sector.