Sales of existing homes were flat in...

Sales of existing homes were flat in July, with higher mortgage interest rates apparently discouraging some buyers, the National Assn. of Realtors said. Existing single-family homes were sold at a seasonally adjusted annual rate of 3.53 million units, up 0.9% from the 3.5 million rate in June. Sales of homes had fallen 7.1% in June and risen 5.9% in May. The average effective interest rate for mortgages on previously owned homes fell from 9.53% to 9.09% in March and April, then rose steadily to 9.43% in July. The median resale price of a single-family home rose 0.7% to $85,800 in July from a month earlier. The median was 7.4% higher than a year earlier.