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August existing home sales fall for 7th straight month

Yahoo Finance Live’s Julie Hyman breaks down August existing home sales data.

Video Transcript

BRAD SMITH: Welcome back to "Yahoo Finance Live," everyone. We've struck the top of the 10:00 AM hour. I'm Brad Smith with Julie Hyman. Brian Sozzi is on assignment. And we're going to take a quick look here at the markets, as we are about 32 minutes into trading right now.

The Dow Jones Industrial Average, the S&P 500, and the NASDAQ composite, all on this Fed day, are higher by about 6/10 of a percent for the Dow and the S&P 500, 4/10 of a percent for the NASDAQ composite.

We've also got some breaking news on the housing front. For that, I'll toss things over to Julie.

JULIE HYMAN: Yeah, existing home sales here is falling for the seventh straight month. This is the August figure. However, they're not down as much as estimated, down by 4/10 of 1%. The annualized pace now 4.8 million. It's still the weakest since May of 2020, but it's not as bad as the 4.7 million that had been anticipated.

Of course, we all know what's going on with the housing prices or what is going on with the housing market, what's putting price pressure there. It's that we are seeing an increase in mortgage rates, mortgage rates, which hit above 6% for the first time in more than a decade. That is definitely affecting affordability and affecting the ability of people to buy homes right now.

So again, we saw a decline of 4/10 of 1% month over month in existing home sales. By the way, that figure is a dip of 17.4% if you look at the year over year figure. So all of this interesting as we look at the housing market and how it feeds into the broader economy. Let's--