Home Sales Dip in July as Mortgage Rates Hit 2026 High

Home sales dipped modestly in July, a month defined by steadily increasing mortgage rates, the National Association of Realtors reported Tuesday.Existing-home sales dropped to a seasonally adjusted annualized rate 4.06 million in July. That's 1.7% below where they were in June but up 0.7% from a year ago. While the data reflect surprising stability in home sales despite the high mortgage rate environment, there's quite a bit of variation between markets, said NAR Chief Economist Lawrence Yun."Still very stable home sales pattern, I would say, even with these declines," Yun said in a press call Tuesday morning. The market still shows "stabilization conditions," he said, noting home sales are still tracking 2.4% above where they were in the first seven months of 2025.NAR's data show a 1.9% decrease in sales month-over-month for single-family homes. Though, the 3.69 million sales annualized is up 0.8% versus July 2025. The median single-family home price is still up 1.9% from last year to $440,300. Condos sales were unchanged on a monthly and annual basis, though the median price is up 2.2% to $371,800."We are doing marginally better in terms of home sales compared to last year, but I...