[U.S. second-hand home sales fell to the lowest in more than a year as high interest rates keep buyers on the sidelines] September 10th: U.S. second-hand home sales slowed to their lowest level in more than a year in August as potential buyers waited for mortgage interest rates to drop. Data released by the National Association of Realtors (NAR) on Thursday showed that sales of second-hand homes fell by 2% at an annual rate in August to 3.98 million units. Since the fall of 2024, monthly annualized sales have fallen below 4 million units only twice, and August was one of them. This disappointing set of data reflects that the U.S. housing market is in desperate need of new drivers. The pace of home price growth has slowed from double-digit annual gains during the pandemic, but affordability issues remain a significant headwind for homebuyers. The median sales price of a second-hand home rose 1.6% from a year earlier to $429,100, continuing a year-over-year increase that began in mid-2023. Mortgage rates, now at their highest levels in more than a year, have also dampened people's willingness to move, especially for those who refinanced several years ago at less than half current rates. A recent housing market report from Apollo Global Management found that nationwide, less than a quarter of outstanding mortgages have interest rates above 6 percent.