Sales of previously occupied U.S. homes fell in October for the 9th month in a row, the slowest pre-pandemic sales pace in more than 10 years, as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market.
FILE - This is a home in Mount Lebanon, Pa., under contract, Oct. 17, 2022. Sales of previously occupied U.S. homes fell in September for the eighth month in a row, though the decline was the most modest yet since the housing market began to cool amid sharply higher mortgage rates. The National Association of Realtors said Thursday, Oct. 20, 2022 that existing home sales fell 1.5% last month from August to a seasonally adjusted annual rate of 4.71 million.
Sales cratered 28.4% from October last year. Excluding the steep slowdown in sales that occurred in May 2020 near the start of the pandemic, sales are now at the slowest annual pace since December 2011, when the housing market was still mired in a deep slump following the foreclosure crisis of the late 2000s.
That amounts to 3.3 months’ supply at the current pace. In a more balanced market between buyers and sellers, there is a 5- to 6-month supply. That can add hundreds of dollars to monthly mortgage payments, and also discourage homeowners who locked in an ultra-low rate the last couple of years from buying a new home. It's part of the reason that there are fewer homes on the market.
While mortgage rates don’t necessarily mirror the Fed’s rate increases, they tend to track the yield on the 10-year Treasury note. The yield is influenced by a variety of factors, including expectations for future inflation and global demand for U.S. Treasurys.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
US home sales fall for 9th month in a row in October | CNN BusinessHome sales in the US declined for the ninth month in a row in October as surging mortgage rates and high prices pushed buyers out of the market.
続きを読む »
US home sales fell in October for ninth straight monthSales of previously occupied U.S. homes fell in October for the ninth consecutive month to the slowest pre-pandemic sales pace in more than 10 years as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market.
続きを読む »
U.S. Home Sales Fell for Ninth Straight Month in OctoberSales of previously owned homes declined 5.9% in October from the prior month to a seasonally adjusted annual rate of 4.43 million, the weakest rate since May 2020, the National Association of Realtors said.
続きを読む »
Existing home sales drop for ninth straight month in OctoberSales of previously owned houses fell in October for the ninth consecutive month as rising interest rates pushed potential homebuyers out of the market.
続きを読む »
Home sales fell for the ninth straight month in October, as higher mortgage rates scared off potential buyersHome sales fell for the ninth straight month in October, as higher rates scared off potential buyers
続きを読む »
Kohl’s sales slowed in late October — just like Target’s and Macy'sOn Thursday, department-store chain Kohl’s reported fiscal third-quarter results that beat expectations, but the company withdrew its full-year guidance due in part to “significant” macroeconomic headwinds.
続きを読む »