Sales of previously owned houses fell in August for the seventh consecutive month as rising interest rates pushed potential homebuyers out of the market.
The Federal Reserve begins its 2-day meeting Tuesday to discuss the next interest rate hike, with a decision expected to be announced Wednesday afternoon. LiveNOW from FOX's Josh Breslow spoke with FOX Business Network's Edward Lawrence about what to expect., surging inflation and steep home prices continued to push prospective buyers out of the market.
Sales have fallen to the slowest pace since June 2020, when the economy was still deep in the throes of the COVID-19 pandemic. Excluding that, this is the worst period for home sales since 2015. The last time that home sales plunged for seven consecutive months was between August 2013 and January 2014."The softness in home sales reflects this year's escalating mortgage rates," NAR chief economist Lawrence Yun said in a statement.
moves to tighten policy at the fastest pace in three decades. Policymakers already lifted the benchmark federal funds rate four consecutive times – including two back-to-back 75 basis point increases – and are expected to approve another hike of that magnitude at the conclusion of their meeting on Wednesday.There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.climbed to 6.02% for the week ending Sept.
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