Lane Generational founder and CEO Fred Lane predicts 'persistently high inflation' over the next four to five years and run ahead of interest rates., surging inflation and steep home prices drained consumer demand.
Sales of previously owned homes tumbled 5.9% in October from the prior month to an annual rate of 4.43 million units, according to new data released Friday by the National Association of Realtors . That is slightly better than what economists were expecting, according to Refinitiv. "More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher," NAR chief economist Lawrence Yun said in a statement.
"Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers," Yun said. "In October, 24% of homes received over the asking price. Conversely, homes sitting on the market for more than 120 days saw prices reduced by an average of 15.8%." At the current pace of sales, it would take roughly 3.3 months to exhaust the inventory of existing homes. Experts view a pace of six to seven months as a healthy level.
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Sales of existing homes slump for ninth straight month, slowest pace in U.S. since 2011Sales of previously owned homes fell for the ninth straight month in October, another indicator that inflation and higher mortgage rates are slowing the U.S. housing market dramatically.
Source: WashTimes - 🏆 235. / 63 Read more »
US home sales fell in October for ninth straight monthSales of previously occupied U.S. homes fell in October for the ninth consecutive month to the slowest pre-pandemic sales pace in more than 10 years as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market. MONEY is very expensive. Could that be a factor? Yes, I know. What The Fed wants? Artificially cooled off, will boom as soon as interest rates begin to normalize lol no one wants a 7% interest rate
Source: AP - 🏆 728. / 51 Read more »
U.S. existing home sales dive; tight supply keeps prices elevatedU.S. existing home sales tumbled for a record ninth straight month in October as the 30-year fixed mortgage rate hit a 20-year high and prices remained elevated, pushing homeownership out of the reach of many Americans. Artificial scarcity.
Source: Reuters - 🏆 2. / 97 Read more »
U.S. existing home sales plunge; tight inventory keeps prices risingU.S. existing home sales tumbled for a record ninth straight month in October as the 30-year fixed mortgage rate hit a 20-year high and prices remained elevated, pushing homeownership out of the reach of many Americans. So, working perfectly! SecYellen POTUS PressSec WHCOS Hope all these professional landlords and house flippers end up bankrupt. We were in an extremely exuberant housing market. Some additional adjustment is still required, but it will be more painful if the FED keeps rising rates at the current pace.
Source: Reuters - 🏆 2. / 97 Read more »