With the exception of a temporary decline at the beginning of the Covid 19 outbreak, existing housing is selling at its slowest rate since September 2012.
According to the National Association of Realtors’ monthly survey, sales of previously owned homes decreased 1.5% from August to a seasonally adjusted annual pace of 4.71 million units in September.
After beginning the year under 3%, the average interest rate for a 30-year fixed mortgage is currently slightly over 7%. As a result, the already expensive housing market is becoming even more unaffordable.
Even while sales are declining, inventory is also declining. At the end of September, there were 1.25 million houses up for sale, which is a 0.8% decrease from September 2021.
