“Home Sales on Track for Slowest Year Since Housing Bust”
October 17, 2023
“…This year’s housing slowdown is very different from the previous one, after the housing bubble of the early 2000s burst. Back then, the economy entered a deep recession and millions of people lost their homes to foreclosure.
This time around, home sales have been slowing for more than a year because of rising borrowing costs, record-high home prices and a very limited inventory of homes for sale…
More recently, the speed at which mortgage rates have climbed is driving away all but the most committed home buyers. The average rate on a 30-year fixed mortgage rose to 7.57% last week, according to
Freddie Mac. That is up about half a percentage point since August, when rates crossed above 7% for the first time in nearly a year and home sales fell to their lowest level since January…”
https://www.wsj.com/economy/housing/home-sales-on-track-for-slowest-year-since-housing-bust-202453ab