Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 4.71 million SAAR in September
Excerpt: The second graph shows existing home sales by month for 2021 and 2022.
Sales declined 23.8% year-over-year compared to September 2021. This was the thirteen consecutive month with sales down year-over-year.
Existing home sales are being impacted by higher mortgage rates. Rates have increased sharply in October, and that will impact closed sales in November and December – so I expect further declines in sales later this year.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/ (Most content is available for free, so please subscribe).