Existing Homes Sales Fall to a Two-Year Low After Mortgage Rates Surge
Sales of previously owned homes in April dropped to the lowest level since the start of the pandemic, the National Association of Realtors said.
May 19, 2022 2 MIN
Sales of previously owned homes in April dropped to the lowest level since the start of the pandemic, the National Association of Realtors said.
The evolution of remote work will play a role in determining future home-price growth, according to a report from NBER.
A jump in mortgage rates is shifting builders' focus to rental homes, chilling the for-sale market, said Lawrence Yun, NAR's chief economist.
Homebuilder confidence declined to a nearly two-year low in May as higher mortgage rates discouraged buyers and inflation resulted in more expensive material costs for builders.
Almost half of all mortgaged U.S. homes are “equity rich” after a record gain in home prices, according to a report from AATOM Data Solutions.
Soaring inflation rates along with elevated housing prices weighed on the minds of Americans.
Mortgage interest rates in the U.S. this week reached the highest level in almost 13 years as the Federal Reserve fought inflation by tightening monetary policy.
Consumer confidence in the housing market dropped to the lowest level since the early months of the Covid-19 pandemic, according to a report on Monday.
The U.S. unemployment rate held steady at 3.6% last month as the gain in payrolls beat economists' expectations.
The average U.S. rate for a 30-year fixed mortgage rose to the highest level since August 2009, Freddie Mac said in a report.
