U.S. Home Sales Decrease Resulted In Lowest Annual Pace Since 2012

Higher mortgage rates have impacted the decrease in the purchase of homes.

In September, sales of previously occupied homes in the U.S. decreased 23.8% from last September and are currently at the lowest annual pace since September 2012.

This past September has marked the eighth month in a row for the decrease in home sales. The housing market has been at a constant slowing this year due to rising mortgage rates. The average rate on a 30 year home loan rose to 6.94% this week which is the highest rate since April 2002.

Higher mortgage rates have impacted the decrease in the purchase of homes due to less people being able to financially back the purchase.