News US Economy News Selling a House Got Even Harder in August Off the Charts: The Visual Says It All By Diccon Hyatt Published on September 21, 2022 Photo: Bernd Vogel / Getty Images It wasn’t easy to buy or sell a house, and it got even harder in August. The housing market continued the downturn it’s been in since the beginning of the year, as higher interest rates made things tougher for both buyers and sellers, the National Association of Realtors said Wednesday. A chart below shows that the 0.4% decrease in the seasonally-adjusted rate of sales is the continuation of a months-long slide. The slowdown was also seen in housing prices, which were only up 7.7% over the last year, a distinct deceleration from July, when prices were up 9.5% over the year, and August 2021, when annual price growth was 16.5%. That doesn’t mean things have gotten much easier for buyers though. The average rate for a 30-year fixed mortgage jumped to 6.25% this week, the Mortgage Bankers Association said Wednesday, the highest since October 2008. That increase has added hundreds of dollars to monthly payments for a new mortgage this year. Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. National Association of Realtors. “Existing-Home Sales Slipped 0.4% in August.” Mortgage Bankers Association. “Mortgage Applications Increase in Latest MBA Weekly Survey.”