Existing-home sales have fallen for 10 consecutive months – the longest losing streak on record.
The alarming drop in sales is mostly attributable to the impact of surging mortgage rates, which have resulted in much higher monthly payments for buyers. While the average 30-year rate dipped to 6.31% as of last week, it has still more than doubled since January.
“Our estimate of monthly mortgage payments was still up by 53% year-over-year in November, however, supporting our view that a meaningful recovery in sales is still miles away,” Pantheon Macroeconomics senior US economist Kieran Clancy said in a note. “House prices, meanwhile, have much further to fall from here.
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