Home prices decline at rates seen close to a decade ago

Rising mortgage rates are continuing to hurt home sales and having a moderating influence on still-escalating home prices, according to a report released by the National Association of Realtors Wednesday.

In August, existing homes sales fell 0.4%, marking the seventh straight month of declines and sliding 20% from the same month a year ago. Year-over-year sales dropped from $5.99 million in August 2021 to 4.8 million in 2022.