US home sales fell in November, the 10th consecutive month.
Sales plunged 35.4% from November last year. Excluding the steep sales downturn that occurred in May 2020 at the start of the pandemic, sales are now at the slowest annual pace since November 2010, when the housing market was mired in the aftermath of the foreclosure crisis of the late 2000s.
“We have this strange market where there are fewer buyers and fewer transactions, yet due to the limited supply some multiple offers are still happening and homes are still selling reasonably fast,” Yun said. That increase can add hundreds of dollars to monthly mortgage payments and also can discourage homeowners who locked in a far lower rate the last couple of years from buying a new home.
The federal funds rate now stands at a range of 4.25% to 4.5%, the highest level in 15 years. Fed policymakers have forecast that the central bank’s rate will reach a range of 5% to 5.25% by the end of 2023. “And if that’s the case, I think the housing market will see some steady rebound in terms of sales activity,” Yun said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Existing home sales tumble 7.7% in November, 10th straight month of declinesSales of previously owned houses fell in November for the 10th consecutive month as rising interest rates pushed potential homebuyers out of the market.
Read more »
U.S. Home Sales Dropped 7.7% in November, a Record 10th Straight Month of DeclinesU.S. existing home sales slid in November for a 10th straight month, extending a record streak of declines as high mortgage rates and home prices pushed many buyers out of the market.
Read more »
US: Existing Home Sales decline by 7.7% in November vs. 0% expectedUS: Existing Home Sales decline by 7.7% in November vs. 0% expected – by eren_fxstreet RealEstate Housing UnitedStates Macroeconomics EconomicIndicator
Read more »
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.
Read more »
U.S. existing-home sales fall for the 10th straight month in November — longest losing streak on recordExisting-home sales fell to 4.09 million in November, the National Association of Realtors said
Read more »
Canada: Retail Sales rise by 1.4% in October vs -0.3% expectedRetail Sales in Canada rose by 1.4% on a monthly basis in October following September's 0.6% decline, the data published by Statistics Canada revealed
Read more »