October 20, 2022
This is a snapshot of what’s happening in the US housing market according to new September numbers from the National Association of Realtors shows for the 8th straight month existing home sales dropped. They were down 1.4% from August and 23.8% down from Sept 2021. That includes single family homes, townhomes l, condos and co-ops. That’s the 8th straight month of declines. The median existing home price is also down from June’s record high of $413,800. In September 2022 the median existing home price was $384,800 which is still 8.4% more than last year. The National Association of Realtors say this is an “adjustment” due to continued interest rate hikes from the Federal Reserve. According to Freddie Mac the average for the most popular 30-year fixed rate mortgage today is 6.94% which is the highest in 20 years.
National Association of Realtors September Existing Home Sales report here.
Freddie Mac Mortgage rates here.
Will this drive us into another recession?