By Lucia Mutikani
WASHINGTON (Reuters) – US existing home sales dropped for the seventh straight month in August as affordability deteriorated further amid surging mortgage rates and stubbornly high house prices, though the pace of decline moderated from prior months.
The report from the National Association of Realtors on Wednesday followed news this week that confidence among single-family homebuilders eroded for the ninth consecutive month in September, while permits for future homebuilding tumbled to the lowest level since June 2020 in August.
The Federal Reserve’s aggressive monetary policy tightening, marked by oversized interest rate increases, has weakened the housing market