Home Sales Post A Rare Decline For May As Mortgage Rates Rise

Abstract

The housing market cooled considerably as mortgage rates climbed to their highest levels since 2009. Seasonally-adjusted home sales fell 3% month over month, their only May decline on record outside of 2020. The inventory of homes for sale still fell from a year earlier, but May saw the smallest drop in active listings since November 2019. The good news is that cheap debt is no longer fueling unsustainable home price growth, says Redfin chief economist Daryl Fairweather. But one silver lining is that home buyers are in a good position, and existing homeowners are holding record high home equity with debt financed at record low mortgage rates.

Home Sales Post A Rare Decline For May As Mortgage Rates Rise

Real-Estate

real-estate

business

Full Article

You can contact us to get more choices

Home Sales Post A Rare Decline For May As Mortgage Rates Rise

forbes forbes | 1 year ago

Home Sales Post A Rare Decline For May As Mortgage Rates Rise Home buyers are facing mortgage rates near 6%. getty Home buyers are facing mortgage rates near 6%. Home prices rose 1.5% month over month in May, their smallest increase of any May in Redfin’s records, which go back to 2012, according to a new report from Redfin, a technology-powered real estate brokerage. The housing market cooled considerably as mortgage rates climbed to their highest levels since 2009. Se...

Home sales drop 3.4% in May as mortgage rates rise

Broadcast Media Production and... Broadcast Media Prod... | 1 year ago

CNBC's Diana Olick joins 'Squawk on the Street' to report on home sales dropping.

Pending Home Sales Decline for 4th Consecutive Month, as Interest Rates Rise: ‘Many People Looking...

realtormM1hV realtormM1hV | 2 years ago

Fast-rising mortgage rates are straining affordability for a growing number of families, putting homeownership out of reach for some. The post Pending Home Sales Decline for 4th Consecutive Month, as Interest Rates Rise: ‘Many People Looking for a Home Have Hit a Ceiling’ appeared first on Real Estate News & Insights | realtor.com®.

Oahu home sales cool as mortgage rates rise

bizjournals bizjournals | 1 year ago

Single-family home and condominium sales dropped 34.4% and 19.3%, respectively, in September, compared to the same month last year.

Central Ohio home sales slow as prices, interest rates rise

bizjournals bizjournals | 2 years ago

Home sales slowed in the first quarter of the year, thanks to rising home prices and interest rates.

U.S. mortgage applications decline as rates hit 12-year high

In-depth analysis, data and st... In-depth analysis, d... | 2 years ago

U.S. mortgage applications slid for a sixth straight week as mortgage rates climbed to a 12-year high, weighing on both home purchases and refinancing.

U.S. mortgage rates rise again. Here's what that may mean for Orlando.

bizjournals bizjournals | 2 years ago

Favorable mortgage rates aid in home sales and the refinance market.

Mortgage apps decline 3.7% as rates surge

housingwire housingwire | 1 year ago

Mortgage application volume dropped and remained at a multi-decade low last week after rates rose sharply. The post Mortgage apps decline 3.7% as rates surge appeared first on HousingWire.

Pending home sales post surprise increase in May, likely due to brief pullback in mortgage rates

Broadcast Media Production and... Broadcast Media Prod... | 1 year ago

Pending home sales, a measure of signed contracts on existing homes, rose slightly in May, up 0.7% compared with April, according to the National Association of Realtors. That broke a six-month streak of declining demand. Sales were still 13.6% lower than in May 2021. Buyers have been contending with rising mortgage rates since the start of this year, but rates actually pulled back slightly in May, and that may account for the sales gain. More supply also came on the market, and total active inv...