Existing home sales on pace for weakest year since 1995

U.S. existing home sales are on track to total roughly 4 million this year, which would mark the lowest annual level since 1995.
The weakness highlights the continued strain in the housing market as affordability pressures, elevated mortgage rates and limited transaction activity keep buyers and sellers on the sidelines.
Persistently depressed sales volumes can weigh on housing-related activity even if home prices remain supported by constrained supply.