Existing home sales were flat in July, and August was at a rate of 5.4 million/year (solidly down from a peak rate of 5.7 million/year last November).? Existing sales should move sideways from here on. Rising prices, higher mortgage interest rates, and tight inventories make a significant rise unlikely despite a strong labor market and rising wages. That said, new home sales should keep rising by 10%/year for a while longer.