Existing home sales tumbled in December for 11th straight month, falling to lowest level since 2010 BREAKING...
Douglas Elliman executive director of sales Dina Goldentayer discusses Florida’s red-hot housing market as demand continues to rise on ‘Mornings with Maria.’, surging inflation and steep home prices sapped consumer demand from the housing market.
It is the slowest pace since November 2010, when the U.S. was still in the throes of the housing crisis triggered by subprime mortgage defaults."December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates," NAR chief economist Lawrence Yun said in a statement. "However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.
At the current pace of sales, it would take roughly 2.9 months to exhaust the inventory of existing homes. Experts view a pace of six to seven months as a healthy level. aggressive campaign to tighten policy and slow the economy. Policymakers already lifted the benchmark federal funds rate seven consecutive times in 2022 and have indicated they plan to continue raising rates higher this year as they try to crush inflation that is still running abnormally high.
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