Existing home sales fall as high mortgage rates weigh on market

Yahoo Finance Video
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Existing home sales fell in July, down 2.2% from June. Year-over-year, sales were down 16.6%, according to the National Association of Realtors. Prices also increased slightly from a year ago. Inventory for the month of July was 1.11 million units, up slightly from June, but nearly 15% lower than a year ago. The existing home sales market has been hit by mortgage rates that are now sitting above 7% as Yahoo Finance Live Reporter Dani Romero breaks down the report.