U.S. Existing Home Sales Forecast to Drop 2.2% in July
Economists expect U.S. existing home sales to decline by 2.2% in July, reflecting ongoing strain in the housing market as mortgage rates edge higher.
The housing market remains one of the most strained sectors of the economy. In June, the average mortgage rate rose to 6.5% and has since moved even higher, further squeezing affordability.
Consensus forecasts now point to a 2.2% dip in existing home sales for July. Such a decline would confirm the cooling trend in residential real estate.
The data will offer a fresh look at how elevated borrowing costs are affecting buyer demand and overall market activity.
Source: FXStreet Forex News