Sales of existing US homes fall 1.7% as record prices and the highest mortgage rates in a year stifle house hunters

Sales of previously occupied U.S. homes declined by 1.7% in July. The downturn in the housing market was driven by record-high home prices and the highest mortgage rates seen in a year.

The combination of elevated pricing and steep borrowing costs created insurmountable hurdles for many prospective house hunters, slowing market activity further.