Sales of existing homes – which include single-family homes, townhomes, condominiums and co-ops – were down 23.8% in September from a year ago and down 1.5% from August, according to the National Association of Realtors. That continues a slowing trend that began in February and marks the longest housing sales slump since October 2007 during the subprime mortgage collapse.
“There are far fewer fresh listings because homeowners are loving their 3% interest rate they refinanced or purchased into over the past few years,” said Yun. “They don’t want to give that up.” But the current lack of supply underscores how different this slowdown is from the previous major market downturn that started in 2008, when inventory levels were four times higher than they are today, said Yun. The low inventory is keeping prices strong.
CNN SUCKS!!!
He is astonishing
Well, DUH!! Ya Think
It also might have something to do with being in the worst economic crisis in 50 yrs and the world on the brink of WW3. Our leaders have failed us.
Rising interest rates to slow down the economy and demand, is how every govt fights inflation. If you want to stop inflation then you get higher rates...
Curbing inflation.
Joe Biden mortgage rates 👍🏻
dems are going to lose.. why? because their policies are crap
Biden’s great economy. Hell yeah
It is known as ‘dampening demand’. It reduces prices and lowers inflationary pressures.
Duh
'Could be due in part to increasing mortgage rates.'
Could be ?
Dah. You think? Crazy high inflation forcing the Fed to raise rates therefore mortgage rates skyrocketing. Up from around 3% at the start of the year to close to 7% now for 39 year fixed. Thank you Joe Biden.
Oh wow look how smart you are
But Rent is going up. 😔
Well, a $200k loan at 3% interest(pre-pandemic) used to cost you $360k over 30 years. Now, a $200k loan at 7% interest costs you $485k over 30 years. You end up spending 35% more over the course of the loan for the same house. No wonder home sales are falling.
Buy now! It’s not going to be lower this time next year or the year after that. Why would it?
Joe Biden destroying America one month at a time.