Sales of previously owned homes in the United States fell by 1.7 percent in July, reaching a seasonally adjusted annual rate of 4.06 million units. High mortgage rates are cited as the primary reason for the decline in buyer activity.

• Existing home sales dropped 1.7 percent month-on-month.
• The National Association of Realtors (NAR) reported the figures, with Chief Economist Lawrence Yun noting stability despite rising rates.
• The average 30-year mortgage rate climbed to 6.66 percent by the end of July, discouraging buyers.