US home sales weaken to slowest pace in more than a year as mortgage rates, home prices climb

US home sales have weakened to their slowest pace in more than a year. This decline occurred last month as mortgage rates climbed to their highest level in over twelve months. The downturn in the housing market is attributed to the simultaneous rise of both mortgage rates and home prices, which has negatively impacted the volume of sales across the United States during this recent period of economic pressure on potential homebuyers.