Existing-home sales will fall in 2023 to the lowest rate since 2008, National Association of Realtors forecasts
The numbers: U.S. pending home sales rebounded in September, but remain near a record low as high mortgage rates and low inventory continue to hurt the real-estate sector.
Pending home sales reflect transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed. Economists view it as an indicator for the direction of existing-home sales in subsequent months. The NAR also expects the 30-year mortgage to fall 6.9% in 2023 and 6.3% in 2024. The 30-year was averaging at 7.98% as of Wednesday, according to Mortgage News Daily.
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