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Home Sales Plunge To Great Recession Levels As ‘Frozen’ Housing Market Adjusts To Elevated Mortgage Rates

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Existing home sales were down by more than 35% last month compared to November 2021.

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

 

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Home Sales Plunge To Great Recession Levels As ‘Frozen’ Housing Market Adjusts To Elevated Mortgage RatesExisting home sales were down by more than 35% last month compared to November 2021. Still inflated by 50 percent
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