Why a US housing recovery is ‘still miles away’ after sales cratered in November

Existing-home sales have fallen for 10 consecutive months – the longest losing streak on record.

The alarming drop in sales is mostly attributable to the impact of surging mortgage rates, which have resulted in much higher monthly payments for buyers. While the average 30-year rate dipped to 6.31% as of last week, it has still more than doubled since January.

“Our estimate of monthly mortgage payments was still up by 53% year-over-year in November, however, supporting our view that a meaningful recovery in sales is still miles away,” Pantheon Macroeconomics senior US economist Kieran Clancy said in a note. “House prices, meanwhile, have much further to fall from here.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

nypost /  🏆 91. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US: Existing Home Sales decline by 7.7% in November vs. 0% expectedUS: Existing Home Sales decline by 7.7% in November vs. 0% expected – by eren_fxstreet RealEstate Housing UnitedStates Macroeconomics EconomicIndicator
Read more »

U.S. existing-home sales fall for the 10th straight month in November — longest losing streak on recordExisting-home sales fell to 4.09 million in November, the National Association of Realtors said
Read more »

Home Sales Plunge To Great Recession Levels As ‘Frozen’ Housing Market Adjusts To Elevated Mortgage RatesExisting home sales were down by more than 35% last month compared to November 2021.
Read more »

Home sales continued to drop in November | CNN BusinessHome sales in the United States declined for the 10th month in a row in November as surging mortgage rates topped 7% and stubbornly high prices kept buyers out of the market.
Read more »

U.S. Home Sales Dropped 7.7% in November, a Record 10th Straight Month of DeclinesU.S. existing home sales slid in November for a 10th straight month, extending a record streak of declines as high mortgage rates and home prices pushed many buyers out of the market.
Read more »

UK: CBI Retail Sales Balance in December improves to +11 from -19 in NovemberThe Confederation of British Industry (CBI) reported on Wednesday that the Retail Sales Balance in December improved to +11 from -19 in November. The
Read more »