Real estate market conditions for October 2022.
The pending home sales index fell 24.2% year over year according to the National Association of Realtors. The weekly mortgage applications index fell 29% compared to the same week a year ago. The 30 year fixed rate mortgage ended the week at 6.52 percent after briefly reaching 7% during the week, it’s highest level since 2008. The Federal reserve is planning even more interest rate increases and is planning to liquidate more of it’s mortgage backed securities so I expect mortgage rates to increase soon.
So what does all of this mean for home sales? Buyers are either no longer qualified for the homes they want, or they are waiting for lower prices. So far the prices have been holding up, but we are seeing a lot of price reductions and the cost to build new homes should be coming down with the price of commodities. We have no way to know what the future will bring, but high rates tend to be a major drag on the real estate market.
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(all data current as of 12/8/2022)
Listing information deemed reliable but not guaranteed. Read full disclaimer.