As the rest of the country saw declines, one area showed an increase.
The American Midwest saw home sales in August bucking the trend of declines across the rest of the country as high mortgage rates and low supply discourage buyers from entering the housing market.
The Midwest saw home sales jump by a percent to nearly a million houses from July. However, compared to a year ago, this was more than 16 percent compared to a year ago, according to data released on Thursday from the National Association of Realtors . Overall, sales declined by 0.7 percent in August and plunged more than 15 percent to about 4 million from a year ago.
A for sale sign is seen on a single-family home January 30, 2008, in Vallejo, California. Housing sales have declined across the U.S. as buyers are scared off by high rates.The housing market has been under significant pressure over the last year following the Federal Reserve's moves to hike interest rates in its battle against high inflation contributing to a spike in mortgage rates making it expensive for prospective buyers to acquire homes.
"Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run," Yun said.
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