September home sales drop to the lowest level since the foreclosure
crisis
Sales of previously owned homes dropped 2% in September from August to
a seasonally adjusted, annualized rate of 3.96 million units,
according to the National Association of Realtors. Sales were 15.4%
compared with September 2022.
This is the slowest sales pace since October 2010, during the Great
Recession, when the market was in the midst of a foreclosure crisis.
As a comparison, just two years ago, when mortgage rates hovered
around 3%, home sales were running at a 6.6 million pace. The average
rate on the 30-year fixed today is right around 8%, according to
Mortgage News Daily.
https://www.cnbc.com/2023/10/19/september-home-sales-drop-to-lowest-level-since-the-foreclosure-crisis.html
RE: 8%
Home prices should be dropping, for those who need to sale their home.
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