Selling a House Got Even Harder in August

Off the Charts: The Visual Says It All

Realtor standing outside a house for sale with a couple

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.

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  1. National Association of Realtors. “Existing-Home Sales Slipped 0.4% in August.”

  2. Mortgage Bankers Association. “Mortgage Applications Increase in Latest MBA Weekly Survey.”

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