Sales of Previously Owned Homes Drop for Ninth Month Straight as Mortgage Increases and Inventory Falls

Started by Epoch-Times-Bot, Nov 18, 2022, 01:00 PM

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Epoch-Times-Bot

Nov 18, 2022, 01:00 PM
Sales of Previously Owned Homes Drop for Ninth Month Straight as Mortgage Increases and Inventory Falls

Existing-home sales declined for the ninth straight month in October, falling 5.9 percent from September, according to the National Association of Realtors (NAR), revealing the demand-dampening effects of higher interest rates amid decades-high inflation.
Existing-home sales for October registered a seasonally adjusted annual rate of 4.43 million, a fall of 28.4 percent from 6.19 million in 2021. "More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher," said Lawrence Yun, the NAR’s chief economist. "The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years."
The average 30-year fixed-rate mortgage rate is 6.65 percent, as of Nov. 17, according to Mortgage News Daily, which is an increase of more than 105 percent from 3.24 percent in 2021. Less borrowing power due to interest-rate hikes combined with elevated home prices leads to lower home sales due to affordability issues....

Source: Sales of Previously Owned Homes Drop for Ninth Month Straight as Mortgage Increases and Inventory Falls

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