When the Fed raises interest rates, it also causes mortgage rates to rise, making housing more expensive and buying less attractive. “Home sales are bottoming out,” said nardotrealtor Chief Economist Lawrence Yun.
The hit to the housing market reflects the Federal Reserve’s efforts to lower inflation by raising interest rates, which has caused mortgage rates to rise and has put home purchases out of reach for many people.Existing-home sales fell by 0.7% in January to a seasonally adjusted annual rate of 4 million, according to a report by the National Association of Realtors released Tuesday.
“Home sales are bottoming out,” said NAR Chief Economist Lawrence Yun. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.” “Inventory remains low, but buyers are beginning to have better negotiating power,” Yun said. “Homes sitting on the market for more than 60 days can be purchased for around 10% less than the original list price.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Existing-home sales fall for the 12th straight month in January, lowest since 2010The 12-month losing streak is the longest since NAR began tracking sales in 1999.
Read more »
Existing home sales unexpectedly fall in January for 12th straight monthSales of previously owned homes fell 0.7% in January from the prior month due to higher mortgage rates, according to the National Association of Realtors.
Read more »
Housing slump continues as sales fell for 12th straight monthJanuary’s sales cratered by nearly 37% from a year earlier and slipped 0.7% from December.
Read more »
US: Existing Home Sales decline by 0.7% in January vs +0.1% expectedExisting Home Sales in the US declined by 0.7% in January to an adjusted annual rate of 4 million, the National Association of Realtors (NAR) reported
Read more »
U.S. Home Sales Fell in January for 12th Straight MonthU.S. home sales fell in January for the 12th straight month as high mortgage rates continued to weigh on the housing market
Read more »
U.S. existing home sales fall in January, but pace slowingU.S. existing home sales dropped to a more than 12-year low in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom.
Read more »