Existing home sales fell 7.7% last month from October to a seasonally adjusted annual rate of 4.09 million, the National Association of Realtors said.
The housing market slump deepened in November as sales of previously occupied U.S. homes slowed for the tenth consecutive month — the longest such stretch on records going back to 1999.
Nearly a quarter of homes that sold last month fetched more than their asking price, said Lawrence Yun, the NAR’s chief economist.During 2020 and 2021, the housing market sizzled across the nation. But, what can we expect in 2022? Will the housing market provide that desired reprieve for future homebuyers?
The average rate on a 30-year mortgage was slightly above 3% in early January. Last week, it was at 6.31%, more than double the 3.12% average rate a year earlier, according to mortgage buyer Freddie Mac. Mortgage rates are likely to remain a significant hurdle for some time as the Federal Reserve has consistently signaled its intent to keep raising short-term rates in a bid to squash the hottest inflation in decades.
"And if that’s the case, I think the housing market will see some steady rebound in terms of sales activity," Yun said.
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