Housing market grinding to a halt? High mortgage rates bring sales and listings down

Make your home smell like fall with these DIY projects.Existing-home sales declined for the eighth consecutive month in September, falling 1.5% month-over-month to an adjusted annual rate of 4.71 million, according to newly released data by the National Association of Realtors. Sales are down almost 24% compared to one year ago.due to the continuous rise in interest rates, which are approaching 7%,” said NAR Chief Economist Lawrence Yun.

While the decline indicated a seasonal trend of prices trailing off after peaking in summer, the 7% decline from June to September was more than double the rate of decline during the same time-period in 2021, when it fell by 3.1%.Many Americans are staying put because they don’t want to risk losing the low mortgage rate theyEven though demand is slumping due to surging mortgage rates, prices are being propped up by inflation and a drop in the number of people putting their homes up for sale.

Mortgage-purchase applications fell to their lowest level in 25 years, according to the Mortgage Bankers Association.

We paid 12 3/4% interest on our house loan in 1980.

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