US home sales fall for 8th month in a row in September the longest slump since 2007 CNN Business - Business HEAD TOPICS
US home sales fall for 8th month in a row in September the longest slump since 2007 CNN Business
10/21/2022 6:00:00 AM US housing sales are continuing to drop for the eighth month in a row which could be due in part to increasing mortgage rates analysts say
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US housing sales are continuing to drop for the eighth month in a row, which could be due in part to increasing mortgage rates , analysts say. Home sales in the US declined for the eighth month in a row in September as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes – which include single-family homes, townhomes, condominiums and co-ops – were down 23.Toms River Police say just before 6 a.The National Association of Realtors said Thursday that existing home sales fell 1.4. 8% in September from a year ago and down 1.5% from August, according to the National Association of Realtors. Tuesday, three men entered a home on Hickory Street, eventually finding keys to the homeowner's BMW and stealing it. That continues a slowing trend that began in February and marks the longest housing sales slump since October 2007 during the subprime mortgage collapse. That's slightly higher than what economists were expecting, according to FactSet. Sales in September were at their weakest level since May 2020, which was an anomaly because that was in the early days of the pandemic lockdown. She startled the suspects, and they ran. Setting that aside, sales last month were the weakest they have been since September 2012. “The median existing-home sales price increased to $384,800, up 8. Still, home prices continued to climb during the month. Police are still looking for them. The national median home price rose 8. The median home price was $384,800 in September, up 8.4% from one year ago, according to the report. That’s down from the record high of $413,800 in June. The average rate on a 30-year home loan rose to 6. The price increase marks more than a decade of year-over-year monthly gains. The DXY drops by 0. “The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%,” said Lawrence Yun, NAR’s Chief Economist. “Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.09%.” Low inventory is keeping prices strong Despite slower sales, the supply of available homes has not improved much. Typically, a slowing housing market would result in a glut of inventory and less competition, which would push prices lower. But because so many current homeowners have ultra low mortgage rates, few are willing to move and there are not as many homes for buyers to choose from. “This is why the buyers have essentially been pushed out of the market," said Lawrence Yun, NAR’s chief economist. You should do your own thorough research before making any investment decisions. Inventory of homes for sale in September was down 2.3% from August and 0.8% from a year ago, according to the report. Because a lag of a month or two usually exists between a signed home purchase contract and a completed sale, the impact from the latest increase in mortgage rates won’t show up in sales for several weeks. “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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. ” 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. That, in turn, can limit the number of homes that are available for sale. The low inventory is keeping prices strong. For those in the market, there can still be bidding wars when a new home is listed. “Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory,” Yun said.25 million homes were on the market by the end of the month, down 2. Housing market fragmenting The slowdown is manifesting differently in markets across the country. The author makes no representations as to the accuracy, completeness, or suitability of this information. In the West, sales have dropped the most dramatically, plunging 31.3% since last year. “Homes are sitting on the market longer, just lingering on the market," Yun said. Meanwhile, home sales have dropped 18.7% from a year ago in the Northeast, 19.7% in the Midwest and 23. Before the pandemic, homes typically sold more than 30 days after being listed for sale. 8% in the South. “The West has been consistently down more because homes are super expensive and rising mortgage rates have a greater impact in the more expensive markets,” said Yun. Yun said he anticipates prices to cool faster and fall farther from the peak in areas like California and other hot cities that saw big price increases during the pandemic. That’s unchanged from August. In September, the metro area with highest increase in the share of homes that saw price reductions compared to last year was in Phoenix, followed by Austin, Texas, and Las Vegas, according to Realtor.com. Meanwhile, the largest year-over-year median list price growth occurred in Miami, which was up by 28. That’s helping push home prices higher, even in a slowing market.3% in September, followed by Memphis (up 27.3%) and Milwaukee (up 27.0%). "Higher mortgage rates always impact these expensive markets more heavily than other markets,” Yun said. “While we often talk about a national housing market, this is really the sum of trends in tens of thousands of local real estate markets across the country,” said Danielle Hale, chief economist at Realtor. com. “As the national market is at an inflection point, the range of local market conditions has grown wider. This material may not be published, broadcast, rewritten or redistributed without permission.” . Read more:
CNN » Caught on camera: Home invasion suspects steal car keys from Toms River home US home sales fell in September for eighth straight month US: Existing Home Sales decline by 1.5% in September Existing home sales tumble to a 10-year low in September as mortgage rates skyrocket Who should you root for at the FIFA World Cup
My New Favorite Futbolista will introduce you to the World Cup’s most inspiring soccer players and the causes they champion. New episodes hosted by former Colombian striker Juan Pablo Ángel and LX News host Eric Alvarez will drop November 1 in English and Spanish. Read more >> 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? Caught on camera: Home invasion suspects steal car keys from Toms River homeChilling video shows the suspects wanted in connection to two New Jersey home invasions. Joe Biden destroying America one month at a time. US home sales fell in September for eighth straight monthSales of previously occupied U.S. homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates , rising home prices and a still tight supply of properties on the market. US: Existing Home Sales decline by 1.5% in SeptemberExisting Home Sales in the US declined for the eighth straight month in September, after posting a 1.5% slide to a seasonally adjusted annual rate of Existing home sales tumble to a 10-year low in September as mortgage rates skyrocketSales of previously owned houses fell in September for the eighth consecutive month as rising interest rates pushed potential homebuyers out of the market. Relators have been pretty cocky for the last few years, making money hand over fist. See Cuyahoga County home sales, other property transfer details for September (searchable database)The database is updated each month. Since home prices have been sky-rocketing so sharply, it can be used as a tool for comparison to previous years by searching a particular street or city. U.S. Home Sales Dropped for Eighth Straight Month in SeptemberSales of previously owned homes declined 1.5% in September from the prior month to a seasonally adjusted annual rate of 4.71 million, the weakest rate since May 2020, the National Association of Realtors said. Nope… we are not in a recession yet 🤡 Sales of existing homes – which include single-family homes, townhomes, condominiums and co-ops – were down 23.Toms River Police say just before 6 a.The National Association of Realtors said Thursday that existing home sales fell 1.4. 8% in September from a year ago and down 1.5% from August, according to the National Association of Realtors. Tuesday, three men entered a home on Hickory Street, eventually finding keys to the homeowner's BMW and stealing it. That continues a slowing trend that began in February and marks the longest housing sales slump since October 2007 during the subprime mortgage collapse. That's slightly higher than what economists were expecting, according to FactSet. Sales in September were at their weakest level since May 2020, which was an anomaly because that was in the early days of the pandemic lockdown. She startled the suspects, and they ran. Setting that aside, sales last month were the weakest they have been since September 2012. “The median existing-home sales price increased to $384,800, up 8. Still, home prices continued to climb during the month. Police are still looking for them. The national median home price rose 8. The median home price was $384,800 in September, up 8.4% from one year ago, according to the report. That’s down from the record high of $413,800 in June. The average rate on a 30-year home loan rose to 6. The price increase marks more than a decade of year-over-year monthly gains. The DXY drops by 0. “The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%,” said Lawrence Yun, NAR’s Chief Economist. “Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.09%.” Low inventory is keeping prices strong Despite slower sales, the supply of available homes has not improved much. Typically, a slowing housing market would result in a glut of inventory and less competition, which would push prices lower. But because so many current homeowners have ultra low mortgage rates, few are willing to move and there are not as many homes for buyers to choose from. “This is why the buyers have essentially been pushed out of the market," said Lawrence Yun, NAR’s chief economist. You should do your own thorough research before making any investment decisions. Inventory of homes for sale in September was down 2.3% from August and 0.8% from a year ago, according to the report. Because a lag of a month or two usually exists between a signed home purchase contract and a completed sale, the impact from the latest increase in mortgage rates won’t show up in sales for several weeks. “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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. ” 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. That, in turn, can limit the number of homes that are available for sale. The low inventory is keeping prices strong. For those in the market, there can still be bidding wars when a new home is listed. “Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory,” Yun said.25 million homes were on the market by the end of the month, down 2. Housing market fragmenting The slowdown is manifesting differently in markets across the country. The author makes no representations as to the accuracy, completeness, or suitability of this information. In the West, sales have dropped the most dramatically, plunging 31.3% since last year. “Homes are sitting on the market longer, just lingering on the market," Yun said. Meanwhile, home sales have dropped 18.7% from a year ago in the Northeast, 19.7% in the Midwest and 23. Before the pandemic, homes typically sold more than 30 days after being listed for sale. 8% in the South. “The West has been consistently down more because homes are super expensive and rising mortgage rates have a greater impact in the more expensive markets,” said Yun. Yun said he anticipates prices to cool faster and fall farther from the peak in areas like California and other hot cities that saw big price increases during the pandemic. That’s unchanged from August. In September, the metro area with highest increase in the share of homes that saw price reductions compared to last year was in Phoenix, followed by Austin, Texas, and Las Vegas, according to Realtor.com. Meanwhile, the largest year-over-year median list price growth occurred in Miami, which was up by 28. That’s helping push home prices higher, even in a slowing market.3% in September, followed by Memphis (up 27.3%) and Milwaukee (up 27.0%). "Higher mortgage rates always impact these expensive markets more heavily than other markets,” Yun said. “While we often talk about a national housing market, this is really the sum of trends in tens of thousands of local real estate markets across the country,” said Danielle Hale, chief economist at Realtor. com. “As the national market is at an inflection point, the range of local market conditions has grown wider. This material may not be published, broadcast, rewritten or redistributed without permission.” .