From The Washington Post · · 1m
Housing Market Slumps to 16-Year Low
U.S. home sales drop to 3.75 million as mortgage rates exceed 7%.
In brief
U.S. home sales drop to 3.75 million as mortgage rates exceed 7%. U.S. home sales fell to 3.75 million in October, the lowest since 2010, with mortgage rates above 7% discouraging buyers and sellers. Originally reported by The Washington Post.
Housing Market Slumps
U.S. home sales fell to 3.75 million in October, the lowest level since August 2010.
Mortgage Rates Soar
Mortgage rates have soared past 7 percent while home prices stay stubbornly high.
Sellers Hold Off
Sellers don’t want to give up their lower mortgage rates, so they don’t have much incentive to drop prices.
Real Estate Expert
Richard Green, director of University of Southern California’s Lusk Center for Real Estate, said home buying is difficult with current mortgage rates.
National Association of Realtors Report
Existing-home sales fell to a seasonally adjusted annual rate of 3.75 million last month, a 5.5 percent decrease from September.
Home Prices Rise
Home prices are increasing for existing homes, rising 0.4 percent from a year ago.
What to remember
U.S. home sales fell to 3.75 million in October, the lowest since 2010, with mortgage rates above 7% discouraging buyers and sellers.
