Regional variability noted as South and West show signs of recovery.
Tagged: National Association of Realtors (NAR)
Existing-home sales decline across most U.S. regions; rising mortgage rates and limited inventory dampen buyer optimism.
30-year mortgage rate could hit 8% amid federal reserve rate hikes; home inventory dips to historic lows.
Mortgage payments on a typical home rise by 11.6% year-over-year.
Despite monthly gains, all regions report year-over-year transaction declines; housing market recovery stagnates amid lack of supply.
‘First-half of the year was a downer,’ as sales fell 23%.
NAR says housing market remains resilient, with approximately 3 offers for each listing.
Sales were down more than 20% from the same month last year.
3 separate reports show low inventory affecting homebuyers’ perceptions.
Lack of inventory, high mortgage rates holding down sales of existing homes, NAR says.