‘The Federal Reserve simply cannot keep raising interest rates,’ says Lawrence Yun, chief economist at the National Association of Realtors
The numbers: Home sales in September fell to the lowest level since 2010, as high mortgage rates continue to hammer the housing market.
The drop in sales was slightly better than what Wall Street was expecting. They forecasted existing-home sales to total 3.9 million in September.Key details: The median price for an existing home in September rose for the third month in a row to $394,300. Prices are up 2.8% from a year ago. That was the highest price for the month of September since NAR began tracking the data.Around 26% of properties are being sold above list price, the NAR noted.
Sales of existing homes rose only in the Northeast in September, as compared with the previous month, by 4.2%. The median price of a home in the region was $439,900. And the residential sector is likely to see sales fall further in October’s data, as the 30-year mortgage inches even higher. Demand for mortgages has collapsed, and some outlets like Mortgage News Daily are quoting a rate of 8% for the 30-year.
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