Higher mortgage rates in August, peaking near 6.7%, slowed housing demand, ending eight months of growth in pending home sales. The Midwest and West saw the largest declines, while the South and Northeast experienced slight gains. Median list prices fell for the tenth month, and inventory rose modestly. Sellers are cutting prices less frequently, but a significant rate drop would be needed to boost sales this fall. Stability in rates may help buyers and sellers navigate the market.
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