Closed existing-home sales declined for a second consecutive month in July as higher mortgage rates tamped down buyer demand, the National Association of Realtors (NAR) said Tuesday. Meanwhile, the annual pace of existing-home sales remained only 0.7% higher than a year ago on a seasonally adjusted basis. The Northeast was the only U.S. region to post a monthly bump in sales momentum, notching 2% growth. Existing-home sales reflect closed contract activity, meaning the data reported by NAR on Tuesday largely reflects properties that went under contract in June. On a year-over-year basis, existing-home sales increased 2.1% in the Midwest and 1.4% in the West, while remaining unchanged in the Northeast and South.