It's been an interesting time to watch the housing market (and be happy that my own plans to buy are targeting 2024 at the earliest). The median home price has fallen by 8.4% since its all-time high in June 2022. This suggests demand for homes is easing, and prospective buyers are no longer willing to fall all over themselves to offer higher prices than sellers are asking just to be assured of getting an offer accepted. Read More...
Reuters
U.S. existing home sales plunge; tight inventory keeps prices rising
U.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. Despite the broad decline in sales reported by the National Association of Realtors on Friday, housing supply remained tight, with considerably fewer homes coming on the market than in the prior year. The housing market has been the sector hardest hit by aggressive Federal Reserve interest rate hikes that are aimed at quelling high inflation by dampening demand in the economy.
