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12.11.26 - 18:36
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Home sales hit 16-year low in October amid record-high mortgage rates (The Guardian)
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Sales of built units fell to 3.75m in October, down by 8.8% from last year, with mortgage rates at nearly three-year highUS existing home sales hit a 16-year low in October as buyers were driven away by record-high mortgage rates and rising inflation, according to new data released on Wednesday.Sales of already built units dropped to 3.75m in October, down by 8.8% from last year, the National Association of Realtors (NAR) reported. The median existing-home sales price increased slightly to $416,700. Declines in sales were seen in the midwest, south and west, though sales in the north-east held steady. Continue reading......
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12.11.26 - 17:33
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Existing Home Sales Crash To 16 Year Lows In October (ZeroHedge)
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Existing Home Sales Crash To 16 Year Lows In October
US existing home sales plunged 5.5% MoM in October (worse than the 3.5% MoM exp), pulling sales down 8.76% YoY with mortgage rates near multi-decade highs...The October collapse drags existing home sales SAAR to 3.75 million (well below the 3.86 million consensus) - the lowest since August 2010...Single-family sales dropped to 3.41 million, with sales down in the Midwest, South, and West, and flat in the Northeast (every region was lower than a year ago)."Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023. As a result, home sales fell to their lowest level since August 2010,” said NAR Chief Economist Lawrence Yun.Inventory edged up to 1.59 million units (a 5.1-month supply), giving buyers a bit more choice, but the median price still rose 0.4% year-over-year to $416,700 - the 40th straight annual gain. First-time buyers slipped to 29% of sales, and with ...
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