![]() How is this affecting the real estate business?įewer home sales mean less income for real estate businesses. Year-on-year sales in the same month were 4.8 million-down from 5.99 million during the same period in 2021. This was the seventh month in a row that existing home sales had fallen. This is the lowest reading since May 2020, and follows a 5.7% fall in July. In the current climate, moving homes is not affordable for several people-particularly first-time buyers who don’t have enough capital to make a large down payment.Īll of these factors have led to the lowest demand for mortgages in two decades.Įxisting home sales in the U.S. High house prices are still hot from previous housing market trends and have yet to react to the affordability crisis.This has made borrowing unaffordable or outright excluded people from borrowing money. Mortgage rates are now sitting at their highest since the 2008 housing crash, with a drastic jump from 3.29% in January 2022, to 6.7%.To combat inflation, central authorities have steadily increased interest rates. ![]()
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