U.S. existing home sales slip 1.7% in July as prices hit record and mortgage rates rise

In July, sales of existing homes in the United States fell 1.7% from the previous month, bringing the seasonally adjusted annual rate to 4.06 million units. The median price rose 2% from a year earlier to $434,100, following a record‑setting median of $442,800 in June. The 30‑year fixed mortgage rate increased to 6.69%, the highest level in over a year and marking the fifth consecutive weekly rise. Inventory declined to 1.54 million homes, a 4.6‑month supply, as analyst Carl Weinberg noted that homeowners with low‑rate loans are reluctant to sell, tightening an already scarce market.