According to the National Association of Realtor's (NAR) July housing report, existing-home sales slowed for the 4th consecutive month in July. This signifies the most sluggish pace in more than two years. NAR Chief Economist Lawrence Yun says that rising home prices and rising interest rates may be causing would-be home buyers to pull away from purchasing a new home. A lot of first time home buyers have been priced out of the market. However, this slowdown could be a great opportunity for buyers, as sellers may be willing to lower their sales price.
