U.S. housing market weakens as mortgage rates and prices stay high

Two new reports suggest the U.S. housing market remained under pressure in July, with both home buying and homebuilding showing signs of weakness. Pending home sales fell 5.4% in June from the previous month, according to the National Association of Realtors. The group said higher mortgage rates and record home prices are making the market especially difficult for firsttime buyers. At the same time, the National Association of Home Builders said confidence among singlefamily builders slipped to 34 in July, its lowest level in nearly a year. Builders cited affordability, elevated borrowing costs, expensive land, rising material prices, and labor shortages as ongoing challenges. Existing home prices also continued to rise, with the national median reaching a new record in June.