High interest rates and asking prices have cooled sales in the housing market for months, dragging home sales to the lowest levels since the financial crisis.
Sinclair is teaming up with Magen David Adom to help with their efforts providing humanitarian relief & emergency medical services in IsraelHigh interest rates and asking prices have cooled sales in the housing market for months, dragging home sales to the lowest levels since the 2008 financial crisis.The National Association of Realtors said last week that existing home sales fell 2% last month and 15.4% from the year prior.
“Buyers have been in a bind all year,” said Chen Zhao, Redfin’s economic research lead. “High mortgage rates and still-high prices are making it harder than ever to afford a home, shutting many young people out of homeownership and causing homeowners to reevaluate whether 2023 is the right time to move.”, but many are expecting them to remain elevated in the near-future as the Fed keeps its benchmark interest rate elevated while inflation lingers.
The explosion in home values started in the initial months after the pandemic-induced recession, when ultra-low interest rates expanded purchasing power for buyers who were energized by desire for more space as working from home became more popular and people sought out more space. Houses sold quickly and frequently with multiple offers, which helped create bidding wars that ramped prices up.
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