Existing home sales are down on an annual basis at theirsince May 2020, when the real estate market briefly went cold early in the pandemic before exploding, and otherwise the worst mark since November 2010, amid the Great Recession.
“The residential real estate market was frozen” this November, the National Association of Realtors’ chief economist Lawrence Yun wrote in a statement, citing “the rapid increase in mortgage rates” as the “principal reason” for real estate’s month to forget.to Freddie Mac.A rapid decline in existing home sales is just one of several worrying data points for the housing market, with
Still inflated by 50 percent
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Home sales continued to drop in November | CNN BusinessHome sales in the United States declined for the 10th month in a row in November as surging mortgage rates topped 7% and stubbornly high prices kept buyers out of the market. Same thing in Canada.... No worries, they can sleep in their electric cars
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