Home sales are slumping badly as affordability remains a hurdle

Sales of previously occupied U.S. homes fell in October for the ninth month in a row to the slowest pre-pandemic sales pace in more than 10 years, as homebuyers grap…Existing home sales fell 5.9% last month from September to a seasonally adjusted annual rate of 4.43 million, the National Association of Realtors sai… See more

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Home Sales Are Slumping Badly As Affordability Remains A Hurdle

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cbsnews.com

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Home Affordability Is The Worst It Has Been Since 1984

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Aug 24, 2023 · “With mortgage rates currently above 7% and expected to remain above 6% by the end of the year, affordability will remain a hurdle for many households looking to buy a …

cnn.com

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Home Sales Slumped To Slowest Pace In More Than 13 Years In …

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Nov 21, 2023 · Sales sank 14.6% compared with the same month last year. They have fallen five months in a row, held back by climbing mortgage rates and a thin supply of properties on the …

apnews.com

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Home Sales Are Slumping Badly As Affordability Remains A Hurdle

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Housing prices have fallen 32% this year, although they remain higher than before the pandemic.

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Home-Price Gains In US Slow As Affordability Pressures Buyers

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Sep 24, 2024 · The index for July tracks a three-month period starting in May, when 30-year mortgage rates peaked at 7.22%, Freddie Mac data show. Borrowing costs have declined …

bnnbloomberg.ca

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Existing Home Sales Dip To 14-year-low As Prices Remain High

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Oct 23, 2024 · Home resales, which account for a large portion of U.S. housing sales, decreased 3.5% on a year-on-year basis in September. Sales fell 1.7% in the South, with some of the …

usatoday.com

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US New Home Sales Slump; Supply At More Than 16-Year High

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Jun 26, 2024 · New home sales declined 11.3% to a seasonally adjusted annual rate of 619,000 units last month, the lowest level since November, the Commerce Department's Census …

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Housing Market Grinding To A Halt? High Mortgage Rates Bring …

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Oct 21, 2022 · The median existing-home sales price rose 8% year-over-year to $384,800 in September, but it was also the third month in a row that prices declined after reaching a record …

usatoday.com

FAQs about Home sales are slumping badly as affordability remains a hurdle Coupon?

Will home sales slow this year?

With mortgage rates rising above 4% for the first time in nearly three years, sales are likely to slow this year, though that would do little to curb house price inflation. Contracts to buy previously owned houses, a leading indicator of home sales, fell for three straight months through January. ...

Is the US housing market slumping?

The U.S. housing market is slumping. Home sales have dropped this year, as high prices, high borrowing costs and a low supply of available homes have combined to send potential buyers to the sidelines. Here are five charts that show the state of the housing market. ...

Why did home sales fall by the most in a year?

WASHINGTON (Reuters) - U.S. home sales fell by the most in a year in February as a perennial shortage of houses and double-digit price growth continued to squeeze first-time buyers out of the market. ...

What happened to home sales?

Last week, the NAR reported that existing home sales dropped to a seasonally adjusted annual rate of 3.78 million, marking a 1 percent month-over-month decline and a 6.2 percent decrease year-over-year. ...

What happened to home prices last year?

The median national home price for all of last year edged up just under 1% to record high $389,800, the NAR said. Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates began rising, eventually more than doubling by the end of the year. ...

Why are spring sales so weak?

The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply of homes for sale is historically low; and home prices are at record highs. High rates deter homebuyers ...