Home sales have dropped to dramatic lows, families being priced out of housing market

📆 2023/10/21 5:43:00
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For the first time since the foreclosure crisis in 2010, home sales have dropped to dramatic lows. And climbing interest rates mean some families are being priced out of the market.

We checked and as of Friday, the average rate on 30-year mortgages jumped to 7.99% this week, which is up from last week.

“So, I don’t believe so. One difference that we have is we don’t have the inventory to support the homes being on the market and potentially going into a short sale or foreclosure status. Of course, interest rates are up. We are seeing people’s journey take a little longer to shop for homes. But we are at a historic low for housing, specifically affordable housing,” Galavis said.The median price in September for a single-family home was $379,500Pending sales fell 10.

″We are still in a seller’s market. But as I would like to say buyers are in control, with the interest rates going up just a tick, people are able to shop a little longer or take their time, and the inventory is starting to come on the market. But it is still a seller’s market, but buyers and control,” Galavis said.

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