The US housing market has experienced a decline in pre-owned home sales in July, dropping to the lowest level in six months. This is due to rising mortgage prices, a small inventory of available homes, and fewer prospective buyers entering the market. The decline in home sales has a ripple effect on the US economy, impacting real estate agents, mortgage brokers, title companies, the labor market, and the financial sector.Real estate agents and brokers face reduced transaction volumes, leading to decreased commissions and incomes. The competition for a limited number of potential clients intensifies, placing further pressure on earnings. The decline in home sales also causes a decrease in job opportunities, as each home sale creates two jobs in the US. Mortgage lenders grapple with a shrinking pool of borrowers, resulting in reduced revenue from origination fees and interest payments. This also limits access to credit and dampens consumer spending, affecting banks which rely on consumer activity to fuel economic growth.

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	7
People	None
Currencies	None
Securities	None