Sales of previously owned U.S. homes slowed in June, slipping month over month. This decline has been dragged down by stubbornly high mortgage rates that have kept the housing market stuck in a yearslong slump.
The average long-term U.S. mortgage rate drew closer to 6.5% this week, further pushing up borrowing costs for prospective homebuyers.
Despite the decrease in sales, a key measure of home prices climbed to an all-time high. This trend has added to the affordability challenges currently facing those looking to enter the market.